Busi­ness lead­ers dis­cuss SME fund­ing ini­tia­tives

Arab News - - News Saudi Arabia - SPA Makkah

Fund­ing ini­tia­tives aimed at sup­port­ing small- and medi­um­sized en­ter­prises (SMEs) topped the agenda at a vir­tual meet­ing of Saudi busi­ness lead­ers. Or­ga­nized by the Makkah Cham­ber of Com­merce and In­dus­try and the Gen­eral Au­thor­ity for Small and Medium En­ter­prises (Mon­shaat), con­fer­ence del­e­gates re­viewed a range of busi­ness sup­port pro­grams and dis­cussed ways to iden­tify po­ten­tial ob­sta­cles to the fund­ing of SMEs.

Ad­dress­ing the meet­ing ti­tled “The fi­nan­cial so­lu­tions for SMEs,” Mon­shaat’s di­rec­tor of cor­po­rate fi­nance, Badr Al-Rad­han, said the au­thor­ity had com­pleted the first phase of a study into the es­tab­lish­ment of a bank ded­i­cated to giv­ing fi­nan­cial back­ing to SMEs, an ini­tia­tive an­nounced last year by the Saudi com­merce min­is­ter. Work was on­go­ing to ob­tain the nec­es­sary ap­provals as part of a pack­age of pro­grams, ini­tia­tives, and niche prod­ucts, he said. Al-Rad­han pointed out that the in­di­rect-lend­ing scheme would have lim­its rang­ing be­tween a min­i­mum of SR50,000 ($13,300) and a max­i­mum SR7.5 mil­lion.

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