Riyadh - Sharikat Mubasher: The Small and Medium Enterprises Loan Guarantee Program (Kafalah) has deployed around SAR 96 billion to support small and medium-sized enterprises (SMEs) since its launch, according to the program's CEO Homam Hashem.
In a panel session at Funding Week, Hashem affirmed that Kafalah’s main objective is to support SMEs by facilitating guarantees required by banks.
He noted that Kafalah has increased its capital from SAR 200 million to almost SAR 1.8 billion since the launch of Vision 2030.
Throughout the past five years, the guarantee program has contributed SAR 3 billion annually to the gross domestic product (GDP), marking a growth rate of over 20%, Hashem noted.
He further emphasized the program’s efforts to support businesswomen in Saudi Arabia, notably those owing 50% of any enterprise.
The Small and Medium Enterprises General Authority (Monsha’at) launched Funding Week in collaboration with government entities, banks, and financial institutions.
Running until 23 May, the event aims to highlight the key initiatives and funding programs that foster entrepreneurs and SMEs and enhance the growth of their projects.
