SME Bank supports sector with nearly SR3 billion through 15 agreements with finance sector

The Small and Medium Enterprises Bank (SME Bank) started its activity and its first business to support the small and medium enterprises sector and increase the financing provided to this sector. This is achieved by enhancing the contributions of financial institutions in providing financing solutions for the sector and establishing partnerships that contribute effectively to the development and sustainability of this vital sector to achieve economic growth and the objectives of the Kingdom’s vision 2030.

The bank announced the sector’s support of nearly SR3 billion. And that is through concluding (15) cooperation and partnership agreements with the finance sector, which includes banks, financing companies and financial technology.

Mr. Mazen bin Ahmed Al-Ghunaim confirmed that the Kingdom’s small and medium enterprises sector is witnessing a high and rapid demand for financing products.

“The bank’s products are designed to respond to market requirements and suit the needs of the Kingdom’s small and medium enterprises sector with innovative advantages”, he said, 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 financing program for electronic stores, targeting small and micro enterprises and their need to meet the needs of working capital and medium-term loans, and the revolving financing product to provide short-term financing, and microfinance that provides fast and effective financing for enterprises. ultrafine.

The bank’s products also include a credit card for small and medium enterprises that provides payment solutions and services that will enable enterprises to cover their daily business expenses through flexible payment options.