SME Bank set to unveil partnerships with development funds: Spokesperson

Logo of Small and Medium Enterprises Bank (SME Bank)

Small and Medium Enterprises Bank (SME Bank) is keen to build effective partnerships with several government agencies and development funds to serve the small and medium-sized enterprises (SMEs) sector, said spokesperson Yasser Hakami.

Such partnerships will be announced soon, Al Eqtisadiah newspaper reported, citing Hakami.

He added that the bank is currently working through the Tamweel portal with more than 40 financing entities to link SMEs with financing entities and facilitate access to appropriate financing.

There is an expansion with commercial banks through the co-financing program, in addition to an expansion in offering loans to the financing companies to finance SMEs.

The total loans offered to businesswomen since the start of financing operations in the second quarter of 2023 until January 2024 amounted to more than SAR 75 million, under agreements with financing institutions, Hakami said.

SME Bank was established under a Ministerial Resolution on Feb. 16, 2021 and its regulations were issued on Nov. 2, 2022, as one of the funds and development banks affiliated with the National Development Fund (NDF), according to data available with Argaam.