Wednesday, 22 November 2023 AD
The SME Bank has announced the pilot launch of the Credit Consultant service, in cooperation with Monsha'at, aimed at benefiting both current and future customers of the bank.
This service is part of the SME Bank’s ongoing efforts to enhance financing solutions for SMEs and to provide them with supportive products and services. It enables SMEs owners to visit Enterprise Support Centers and benefit from the bank’s in-person services by booking an appointment with a Credit Consultant, either for an in-center visit or virtually through the Nawafth Monsha'at App. Additionally, all customers across the Kingdom of Saudi Arabia can access the SME bank’s digital services from any region.
The service enables individuals seeking financing from the SME Bank to better understand the bank’s financing products, including their features, differences, and suitability for the specific needs of their enterprise, as well as the application process. During the consultation session, the Credit Consultant guides applicants through the process, applying for the service, where the applicant introduces the financing in the consultation session to the size of his enterprise, operational history, business activity, and the purpose of the financing. This allows the Credit Consultant to provide tailored information about the available financing options, including the minimum and maximum limits for each product, their terms and conditions, and how to apply—ultimately helping the applicant select the financing solution that best fits their enterprise’s situation.
It is worth noting that the SME Bank was established by a decision of the Council of Ministers on February 16, 2021, and its regulatory framework was issued in November 2021. The bank is one of the development banks and funds affiliated with the National Development Fund, which aims to expand the overall loan portfolio within the financial sector, bridge the financing gap, strengthen the role of financial institutions in offering innovative financing solutions, and promote financial stability across the sector.
