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The SME Financing Program has signed an updated co-operation agreement with the NCB, including the expansion of SME financing with a ceiling of sales of Rs 200 million instead of Rs 30 million and an increase of Rs. maximum coverage of 2.5 million SAR. Millions of riyals instead of 1.6 million riyals and 15 million riyals for the tourism sector. The agreement aims to encourage financing entities to finance a broader segment of small and medium-sized enterprises beneficiaries by increasing coverage rates according to legitimate funding formulas.
And the small and medium-sized business sector, to strengthen the stability of the sector through high funding levels, noted that the renewal of the NCB agreement was consistent with the steady growth in the number of requests for funding. SME financing.
The agreement precedes the signing of similar cooperation agreements with banks and other financial institutions to soon contribute to the financing of a larger segment of SME owners.
Al-Sherif Khalid Al Ghaleb, First Vice-President of the NCB, In pursuit of ambitious goals related to the SME sector and the financing of companies operating in the sectors targeted by Vision 2030 as well as in promising areas. © Al Madina 2018
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