More than 1,000 Saudi businesses benefit from $586.5m in Monshaat funding

More than 1,000 Saudi businesses benefit from $586.5m in Monshaat funding

RIYADH: The General Authority for Small and Medium Enterprises (Monshaat) has financed 1, 130 SMEs with about SR2. 2 billion ($586. 5 million) over 15 months through the end of March 2021. Overall, the 'Kafalah' program has provided more than SR14. 407 billion in 8, 718 guarantees, Monshaat told the Al-Eqtisadiah newspaper. The Kafalah program was founded in 2006 as a joint initiative between the Kingdom's ministry of finance and Saudi commercial banks to help overcome SME financing constraints. Monshaat said that financing could reach a maximum of SR7. 5 million and there is no minimal range for applicants. Enterprise Support Centers also offer a package of programs to develop small and medium enterprises and entrepreneurs, the Authority added. Support is also offered in the form of training and networking with other companies operating in a similar field. DUBAI: The UAE emirate of Ajman has struck a deal with online retailer Noon to support the growth of small businesses. It will help members of the emirate's Tazz program for small and medium-sized enterprises, as well companies that are signed up to the Riyada program for small business owners and e-commerce license holders. "Through this cooperation, we aim to inspire innovation,