RIYADH: The General Authority for Small and Medium Enterprises (Monshaat) has financed 1,130 SMEs with about SR2.2 billion ($586.5 million) over 15 months through the end of March 2021.
Overall, the ‘Kafalah’ program has provided more than SR14.407 billion in 8,718 guarantees, Monshaat told the Al-Eqtisadiah newspaper.
The Kafalah program was founded in 2006 as a joint initiative between the Kingdom’s ministry of finance and Saudi commercial banks to help overcome SME financing constraints.
Monshaat said that financing could reach a maximum of SR7.5 million and there is no minimal range for applicants.
Enterprise Support Centers also offer a package of programs to develop small and medium enterprises and entrepreneurs, the Authority added.
Support is also offered in the form of training and networking with other companies operating in a similar field.