In collaboration with the Small and Medium Enterprises Bank (SME Bank), the Kafalah SME Loan Guarantee Program recently held the annual meeting of its success partners.
The meeting aims to enhance cooperation with banks, financing companies, and related parties, to motivate them to provide financing to small and medium enterprises.
SME Bank system indicated that the meeting will work to support the owners of small and medium enterprises, male and female Saudi entrepreneurs, to increase the number of enterprises and raise their contribution to GDP from 21 percent to 35 percent by 2030, and raise the percentage of Emiratisation through the availability of more job opportunities, which contributes to the growth of the economy and achieve Vision 2030 goals.
Kafalah SME Loan Guarantee Program announced the launch of the consulting sector product with the support of the Enterprise Bank in cooperation with the Local Content Authority, and the industrial sector product in cooperation with the National Industry Development and Logistics Program, to support and expand the owners of small and medium enterprises from various sectors.
SME Bank aims to increase the total loan portfolio for the financial sector, bridge the financing gap, enhance the contribution of financial institutions in providing innovative financing solutions, and achieve economic stability for this vital sector to be a basic pillar for economic development in the Kingdom and an enabler for achieving Vision 2030.
The Finance Guarantee Program “Kafala” also seeks to support micro, small, and medium enterprises that contribute to strengthening the national economy, by providing financial guarantees to enhance the opportunity for enterprises to obtain the necessary financing to reduce the lending risks borne by financing agencies through strategic partnerships and innovative and subsidized technical tools. Knowledge bases of the program.
This comes in conjunction with the SME Bank, which will support the expansion of financing for small and medium enterprises.
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