Monsha’at says 301 industrial SMEs received SAR 1.3 bln funding in Q2 2022

Logo of Small and Medium Enterprises General Authority (Monsha'at)

The Small and Medium Enterprises General Authority (Monsha'at) revealed that 301 industrial establishments received funds worth SAR 1.3 billion until the end of the second quarter of 2022.

The authority provides financing services and programs to support sectors, including the industrial sector, through the “Funding Gate”, which is an electronic platform that brings together financiers from the government and private sectors and connects them with entrepreneurs from small and medium-sized enterprises (SMEs).

According to the classification of the size of establishments, 18% were micro-enterprises, 58% small-sized enterprises, and 24% medium-sized enterprises.

In addition, the indirect lending service provided by Monsha'at contributed to the initiatives to stimulate the private sector, in cooperation with the Social Development Bank, by providing low-cost loans to finance companies licensed by the Saudi Central Bank (SAMA). These, in turn, provide financing solutions with competitive advantages for SMEs.

About 1,979 industrial SMEs benefited from the refund of government fees paid with a value of more than SAR 267 million until the end of Q2 2022, through a refund initiative in cooperation between Monsha'at and the Ministry of Finance under the private sector stimulus program.