SME Bank allocates SAR 10.5 bln for SMEs financing solutions

Small and Medium Enterprises Bank (SME Bank), a development bank under the National Development Fund (NDF), allocated SAR 10.5 billion for financing products to support the small and medium enterprises sector. 

The allocation is through existing and new financing programs offered by the bank, including direct and indirect lending programs, financing guarantees and investment solutions during the next three years.  

SME Bank Acting Chief Executive Officer, Abdurrahman bin Mansour, stated that SME Bank seeks to increase the financing provided to small and medium enterprises, and enhance the contribution of financial institutions in providing innovative financing solutions. 

He confirmed that the bank's business started recently by introducing six main financing products, which were developed based on the needs of SMEs.  

SMEs can now apply for financing through the bank’s website, which provides access to more than 48 financing institutions in the Kingdom, the top executive added.