The Small and Medium Enterprises General Authority “Monsha’at” marked the fourth day of the Biban 24 forum, which it organizes, with the signing of 16 cooperation agreements and the launch of projects and initiatives with a total value of nearly SAR 10.7 billion, in a step aimed at supporting entrepreneurship and strengthening the growth of SMEs in the Kingdom, in line with Saudi Vision 2030.
Monsha’at and the Tameed platform signed a cooperation agreement to provide financing products at reduced prices. Monsha’at also concluded several agreements to finance entrepreneurs by allocating large financial portfolios, including a SAR 3.1 billion portfolio in cooperation with Tayseer Arabia, a SAR 2 billion portfolio with Lendo, and another SAR 1 billion portfolio with Tarmeez Capital, in order to support SMEs and facilitate their access to the financial resources needed for growth.
Among the other agreements, Monsha’at cooperated with Alpha Arabia to allocate a SAR 200 million portfolio, and signed an agreement with Osoul Modern for a SAR 69 million financing portfolio. The agreements also included the allocation of a SAR 1 billion financing portfolio with Funding Souq, SAR 800 million with Mekyal Financial, SAR 600 million with Emkan Arabia, and a SAR 1.9 billion financing portfolio in cooperation with Murabaha Marina, with the aim of supporting entrepreneurs across the Kingdom.
The fourth day saw the signing of an agreement between the Entrepreneurship Vision Association and Manjam Business Development, and another between the association and Bait Al-Monshaat, in addition to another agreement with Blossom, with the aim of enabling the entrepreneurship ecosystem by providing programs that support entrepreneurs. The Saudi National Bank also announced the launch of 15 new specialized branches to support SMEs, while Arab National Bank launched the anb Digital platform, which enables SMEs to submit financing applications, obtain preliminary approvals, and sign contracts electronically, facilitating quick and effective access to financing services without the need to visit branches.
Al-Ahsa Chamber announced the launch of the Al-Ahsa Angel Investors Network initiative, which aims to provide investment solutions for startups by connecting them with the investor network, in support of establishing and supporting businesses.