The SME Bank signed today a joint cooperation agreement with the Saudi Export Development Authority, aiming to facilitate the provision of appropriate financing. This will be carried out in partnership with financing and development entities that cooperate with the SME Bank, in order to support financing applications received through the “Made in Saudi” program.
The agreement was signed on the sidelines of SME Bank’s participation in the second edition of the “Made in Saudi” exhibition, hosted in Riyadh from October 16 to 19, 2023, with the participation of more than 100 national companies. Held under the slogan “Saudi Workmanship,” the exhibition reflects the bank’s ongoing efforts to support the development of the SMEs sector in the Kingdom, increase its competitiveness, enhance its contribution to GDP, and offer innovative financing solutions with competitive advantages that strengthen trust in SMEs. As part of the agreement, financing applications submitted through the “Made in Saudi” exhibition will be referred to financial institutions partnering with SME Bank for evaluation and possible support, in accordance with the approved financing programs and the policies and procedures adopted by both parties. The agreement also includes studying the challenges and obstacles facing SMEs registered in the program to develop suitable financing solutions, as well as jointly participating in events and workshops aimed at promoting relevant services and programs for SMEs owners. The agreement also seeks to expand targeted communication initiatives to raise awareness among SMEs owners about the financial services and solutions available to SMMEs. This will be achieved through various outreach activities and an increase in joint collaboration on market research and surveys to assess awareness levels regarding available enablers and solutions, identify challenges, and formulate effective responses for SMEs owners. It is worth noting that the SME Bank was established by Council of Ministers Resolution No. (376), dated 04/07/1442 AH, as one of the development funds and banks affiliated with the National Development Fund, which aims to increase financing for SMEs sector, bridge the financing gap, enhance the contributions of financial institutions in providing innovative financing solutions, and achieve financial stability for this vital sector, positioning it as a key pillar of economic development in the Kingdom of Saudi Arabia and as an enabler for achieving Vision 2030.
