The Small and Medium Enterprises Loan Guarantee Program (Kafalah) has signed 10 memoranda of understanding and cooperation agreements with various public and private entities during the Biban 24 Forum.
Organized by the Small and Medium Enterprises General Authority (Monsha’at), the event took place at the Riyadh Front Exhibition and Conference Center under the theme “Global Destination for Opportunities.”
Kafalah’s CEO Homam Hashem signed the agreements, which will enable small and medium-sized enterprise (SME) owners to access an additional $93 million (SAR 350 million) in financing guarantees. This support enhances their ability to secure the financing necessary to achieve their development goals.
These agreements aim to support and empower SMEs by streamlining procedures and reducing the time and effort required to obtain financing. Through these partnerships, businesses will benefit from a more convenient and digital process for accessing financing guarantees.
Hashem stated that, “These partnerships enhance the capacity of small and medium-sized enterprises to obtain the financial support they need by offering guarantees that boost entrepreneurs’ confidence in realizing their ambitions.”
The Kafalah Program focuses on promising sectors, including dentistry, tourism, entertainment and culture, technology, export and import, local consulting, and the non-profit sector.
The Kafalah Program is committed to supporting micro, small, and medium-sized enterprises that contribute to the national economy. It provides financial guarantees to increase the likelihood of securing necessary financing while minimizing lending risks for financial institutions.
This effort is complemented by strategic partnerships and innovative technological tools supported by the program’s knowledge base, in conjunction with the Small and Medium Enterprises Bank, which aims to expand financing options for SMEs.
