Invoice Bazaar Blog

Saudi businesses get loans worth US$27bn in Q1 as SMEs surge by 15%

By Invoice Bazaar | June 22, 2022

Entrepreneurs in Saudi Arabia received loans worth SR100.02 billion (US$27 billion) in the first quarter, while the number of SMEs across the country during the same period surged by 15% to 755,979 from 650,550 a year ago. The Monsha’at service helped SMEs get the funding via the Kafalah program, which guaranteed secured loans of SR64.6 billion. Meanwhile, Saleh Alrasheed, Governor of Monsha’at, assured that the SMEs in the Kingdom would receive all the support they needed, such as lower fees and streamlined bureaucracy so that they could compete in the marketplace and grow into sustainable businesses.

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