The loan Guarantee Program “Kafalah" held the annual meeting of Success Partners, in cooperation with the SME Bank. The meeting hosted the supporting government agencies and funding entities from commercial banks and financing companies, with the aim of motivating funding entities and sharing the latest programs and products and identifying the most prominent challenges, in order to enhance aspects of Cooperating with banks, finance companies, and relevant entities, to motivate them to provide financing to small and medium enterprises (SME).
The SME Bank system stated that the meeting will support owners of SME, male and female Saudi entrepreneurs, to increase the number of enterprises and raise their contribution to the domestic product from 21% to 35% by 2030 and raise the percentage of Saudization through the availability of more job opportunities, which contributes to the growth of the nation's economy and achieving the goals of the Kingdom's Vision 2030.
The loan Guarantee Program “Kafalah" launched the consulting sector product with support from the SME Bank and in cooperation with the Domestic Content Authority, and the industrial sector product in cooperation with the National Industrial Development and Logistics Services Program, in order to support and expand owners of SME from various sectors.
It is noteworthy that the SME Bank aims to increase the total loan portfolio for the financial sector, bridge the financing gap, enhance the contribution of financial institutions in providing innovative financing solutions, and achieve financial stability for this vital and important sector to be a essential pillar of economic development in the Kingdom and an enabler to achieve Vision 2030.
The loan Guarantee Program “Kafalah" also seeks to support micro, small and medium enterprises that contribute to strengthening the national economy, by providing financial guarantees to enhance the opportunity for enterprises to obtain the necessary financing for the purpose of reducing the lending risks borne by financing entities. Through strategic partnerships and innovative technical tools supported by the program's knowledge bases, this comes in integration with the SME Bank, which will support the expansion of the SME financing .