The Saudi Arabian Monetary Authority (SAMA) and the SMEs Loan Guarantee Program (Kafalah) launched a new program that guarantees 95% of total finance granted to SMEs.
The new loan guarantee program aims to provide additional support and enhance the credit worthiness of micro, small and medium enterprises, SAMA said in a statement.
Under the new scheme, SMEs will be exempted from administrative fees, and guarantees in kind. SAMA will also pay the guarantee fees to Kafalah on behalf of clients that will start loan repayments after six months from the finance date.
Moreover, the fees and profit of financiers will not exceed 4% of the loan value annually.
On March 14, 2020, SAMA launched an SAR 50 billion financing package to support the private sector, especially SMEs, and mitigate the potential economic impacts of the coronavirus outbreak.
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}