With the aim of finding suitable financing solutions, General Authority for Small and Medium Enterprises “SMEs” several agreements and memoranda of understanding with six financing entities; including the Small and Medium Enterprises Bank, the Social Economy Association, and a group of companies, most notably National Finance, Tasheel, Mudaraba, and Amlak International Finance.
Through the agreement signed today with the SME Bank on the sidelines of Finance Week—an event organized by the Authority in partnership with Saudi banks—Munsha’at seeks to discuss financing solutions, options, and initiatives that support entrepreneurs and small and medium-sized enterprises by developing financing products in the field of commercial franchising, as well as contributing to the establishment of a business accelerator specializing in the finance sector; in support of entrepreneurs.
The memorandum of understanding signed between the Authority and the Social Economy Association also stipulated; to develop and support the entrepreneurial ecosystem to contribute to economic growth and diversification through joint cooperation in launching projects aimed at identifying the challenges faced by owners of small and medium-sized enterprises, and working to resolve them through a range of joint programs and specialized initiatives. Meanwhile, through agreements signed with a group of financial institutions, “Monsha’at” has sought to identify the needs and challenges facing entrepreneurs, and to develop educational financing programs to increase the contribution of small and medium-sized enterprises and reduce the obstacles hindering the expansion of their projects across all sectors.
