The Small and Medium Enterprises General Authority, Monshaat, has announced that their indirect lending initiative valued at over SR800 million ($213 million) has benefited 824 SMEs.
According to Arab News, 17 companies are partners of this initiative who help raising the funds. Authorized by the Saudi Arabian Monetary Authority (SAMA), the initiative aims to provide the SMEs and entrepreneurs with low-cost loans.
Monshaat designed the initiative in a way that it brings lenders and guarantors from diverse backgrounds to share the burden across the overall Saudi private sector to widen the reach of the investments. The initial resources of the investment are valued at SR1.6 billion.
Monshaat encourages both male and female entrepreneurs and owners of different SMEs to visit the idl.monshaat.gov.sa website to know more details about the initiative and consider their possibilities to receive funds for their business enterprises.
The Kingdom’s economic and social outlook is going towards innovation, and Monshaat’s initiative will be a very important cog in this. The aim is to boost the SMEs to help them to reach a point where can would contribute up to 35 percent of the Saudi GDP by 2030.