JEDDAH: ‘Kafalah,’ a small and medium enterprises Loan Guarantee Program, has issued a total number of 859 guarantees for Saudi businesswomen since it was founded.

According to a local newspaper report, the program also said that the total value of the guarantees reached SR365 million, while the volume of the funding offered from the participating banks stood at SR747 million.

It said proportion of the female entrepreneurs benefiting from ‘Kafalah’ program offered by the commercial banks is still modest in view of the efforts and ambitions of the program and urged the funding bodies to pay more attention to this important group of businesswomen and their increasing role in the national economy.

Kafalah Chairman Osama bin Abdulrahman Al-Mubarak said the opportunities available for businesswomen are equal to men in terms of obtaining the adequate financing for their businesses if the required conditions are met, and there are no legal impediments or legislations preventing them from engaging in business or from taking advantage of the financial opportunities offered by the Saudi banks participating in the program.

“Strengthening and promoting small and medium sized enterprises owned by Saudi females comes within the objectives of this program by increasing the number of females qualified to manage commercial activities and businesses, and by funding specialized training and educational programs,” said the chairman.

In recent years, he said, several government bodies have shown a keen interest in increasing the women’s participation and providing opportunities to them.

This is based on a positive approach aimed at supporting and developing the country’s economy in different fields of business and commercial sector.

“Many obstacles that discouraged Saudi women’s entry into labor sector and investments markets have been eliminated. Several programs have been introduced, including education and training for the labor market, and through the enactment of laws that promote the work of Saudi women,” he said.

The Kafalah chairman noted the Cabinet has recently approved measures for the small and medium enterprises (SMEs) sector aimed at supporting and developing as well as increasing the sector’s participation in the Kingdom’s Gross National Production.