Saudi tech SMEs can get up to $4 million in loans

Saudi tech SMEs can get up to $4 million in loans
The initiative ‘Technology Growth Financing’ has been launched in partnership with the Kafalah, a program to support micro, small and medium size businesses.
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Updated 01 September 2021
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Saudi tech SMEs can get up to $4 million in loans

Saudi tech SMEs can get up to $4 million in loans
  • It aims to enable the growth and sustainable development of the IT sector in the Kingdom

RIYADH: For entrepreneurs who plan to start up their tech businesses, this is the right time.
Saudi Arabia’s National Information Technology Sector Development Program (NTDP) on Wednesday launched an initiative to provide loans of up to SR15 million ($4 million) for micro, small, and medium size businesses related to IT and digital projects in the Kingdom, SPA reported.
The initiative “Technology Growth Financing” has been launched in partnership with the Kafalah, a program to support micro, small and medium size businesses.
It aims to enable the growth and sustainable development of the IT sector in the Kingdom. Under the program, small and medium enterprises can obtain loans ranging from SR100,000 to SR15 million to carry out projects and expand existing operations.

The program will also serve as a guarantor for the companies to help them obtain funds from financiers. The initiative will also help boost the local content in the sector and enable young Saudis to implement their innovative ideas. 

Companies can apply for loans directly from the participating banks and financing agencies or use the option available on the Monshaat online portal, according to an official statement.