SABIC, NCB sign agreement to finance small businesses

The National Commercial Bank (NCB) signed a memorandum of understanding (MoU) with Saudi Basic Industries Corporation (SABIC) to help boost the financing of small and medium enterprises (SMEs).

The move will help develop local industries through financing and refinancing entrepreneurs, said a statement from NCB.

The agreement will enable entrepreneurs and SMEs to obtain support and funding from NCB at preferential rates.

“Along with the funding, we will also provide other services, including training and educational and awareness courses,” Khalid Bashnini, Head of SME Banking at NCB, said.