With aim of raising the sector’s contributions to 35% of the GDP SME Bank begins its activities with (6) financing products

 

With aim of raising the sector’s contributions to 35% of the GDP
SME Bank begins its activities with (6) financing products

Riyadh, Saudi Arabia, December 4, 2022.
The Small and Medium Enterprises Bank (SMEB) started its activity in supporting the small and medium enterprises (SME) sector and increasing the financing provided to them, by enhancing the contributions of financial agencies in providing financing solutions for the sector, and establishing partnerships that contribute effectively in developing and sustainability of this vital sector, in order to achieve economic growth and contribute to achieving the goals of the Kingdom vision 2030, by raising the contributions of small and medium enterprises to 35% of the gross domestic product (GDP).
On this occasion, his excellency Mr. Muhammad bin Mazyad Al-Tuwaijri thanked the generous leadership for its continuous support to the small and medium enterprises sector through many initiatives that aim to increase its contribution to the local economy.
The (SMEB) announced that it is support this sector with nearly 3 billions Saudi riyals, through signing (15) cooperation agreements and partnership with financing sector, including banks and financial, technology companies.

His excellency the CEO of the SME Bank, Mr. Mazen bin Ahmed Al-Ghunaim, confirmed that the small and medium enterprises sector in the Kingdom is witnessing a rapid and high demand for financing products, so the bank's products are designed to respond to market requirements and meet the needs of the small and medium enterprises sector in the Kingdom with innovative features, pointing to the application of international best practices in cooperation with supporting partners to establish a product portfolio that accommodates all initiatives.

The bank revealed (6) products for financing the small and medium enterprises sector including the electronic store financing program that targets SME sector and their need to cover working capital , medium-term loans, and the revolving financing product to provide short-term financing, and microfinance that provides fast and effective financing for micro-enterprises.
The bank's products also include a small and medium enterprises credit card that provides payment solutions and services that will enable small and medium enterprises to cover their daily business expenses through flexible payment options.
About SMEB
The Small and Medium Enterprises Bank was established by Council of Ministers Resolution No. (376) dated 04/07/1442 AH as one of the development funds and banks affiliated to the National Development Fund, which aims to increase financing provided to the small and medium enterprises sector, bridge the financing gap, and enhance the contributions of financial institutions in providing  Innovative financing solutions, and achieving financial stability for this vital and important sector to be a basic pillar for economic development in the Kingdom of Saudi Arabia and an enabler for achieving Vision 2030.

 

 

According to Saudi press agency