3 Entities review solutions and financing options for entrepreneurs and small enterprises
Asharqia Chamber, represented by the Youth Business Council, organized the Pioneers Dialogue Program entitled: "Solutions and Financing Options for Entrepreneurs and Small Enterprises".
During the program, the Regional Director of Emerging Business Banking at Riyad Bank, Mohammed Al Salem, confirmed that the bank is proceeding according to an expansion plan to serve entrepreneurs, which aims to establish centers to serve pioneers in cities and centers, in addition to increasing the number of employees, reaching 190 employees instead of 63 employees.
AlSalem added during the meeting, which was held on Tuesday, November 23, 2021, and was moderated by a member of the Youth Business Council, Abdul Rahman Al-Afaleq, that the bank, through its plan to support the young business sector, held a number of workshops and meetings that benefited 11,000 beneficiaries of pioneers and entrepreneurs, in addition to that the Bank And through several initiatives, it provided financial support to a number of different sectors in the tourism, real estate and information technology sectors, where an amount of 15 million riyals was allocated to the latter to support emerging projects.
Al-Salem indicated that the bank is currently working on establishing an integrated electronic portal aimed at serving male and female entrepreneurs and enabling them to establish their projects, in addition to 3 centers that the bank seeks to launch to provide various services to the pioneers.
For his part, Regional Director of the Eastern Region at Al-Amthal Finance Hadi Al-Yami said that the company, since the year 2000 AD, has been working to provide new financing solutions for small and medium enterprises, professionals and individuals by continuously introducing new products, diversifying business solutions through digitization, and providing a unique experience from Its kind to serve customers using a set of the most flexible financial solutions, and maintain stable growth and steady profits to create value for shareholders by providing outstanding performance and service to customers.
Al Yami reviewed a number of products and financing solutions offered by the company to small and medium enterprises, including: your points of sale (Tamweelak) (quick financing), which is a financing that gives you a financing amount equivalent to 25% of the annual point-of-sale operations, and the secured financing program specialized in financing that enables enterprises to obtain amounts of up to To 7.5 million without in-kind guarantees, in cooperation with the Kafalah Program and with the support of the Saudi Central Bank. It is a program designed to overcome the challenges of the crisis (Covid-19, Corona), in addition to the electronic store financing program, which is the electronic store financing program for enterprises, and the technology growth financing product, which is a financing product targeting technical facilities that have a license from the Communications and Information Technology Commission and are registered in the “Tech platform”. And specialized in (electronic devices - software - data centers and cloud services - emerging industries, electronic service platforms and information security), and finally the car financial leasing product, a program that helps owners of small and medium enterprises to achieve all their needs from fleets of cars through the product (financial leasing) of various types Car fleets according to a fast mechanism and a carefully studied monthly fare.
For her part, the credit analyst in the Abeer Al-Harbi Sponsorship Program indicated that the program stems from its emphatic vision to provide effective guarantees to stimulate financing and support small and medium enterprises to contribute to strengthening the national economy, pointing out that the program will contribute to achieving the aspirations and goals of the Kingdom’s Vision 2030 by raising the contribution of small and medium enterprises in The GDP will increase from 20% to 35% in the year 2030 by providing the added value provided to each of the beneficiaries.
Al-Harbi said that the program currently provides its services to 8,717 facilities, with a total financing of 23.7 billion riyals, and total guarantees amounting to 18.9 billion riyals, indicating that the program offers the "guarantee portfolio" product, which offers the issuance of guarantees within one working day and grants funding agencies the authority to issue guarantees to their clients in a manner. Immediately according to the main criteria to accelerate the rate of the operational cycle to grant guaranteed financing to enterprises that benefit from it, with a ceiling of guarantees of up to 2.5 million riyals, and a ceiling of emerging guarantees of 500 thousand riyals.
