SME Bank, Aramco Taleed, And Manafa Join Forces To Expand Financing Access For SMEs In Saudi Arabia
The collaboration aims to empower SMEs associated with Aramco’s ecosystem as well as the Kingdom’s industrial sector across the projects, manufacturing, and services sectors.
Saudi Arabia’s SME Bank has partnered with Taleed, the comprehensive SME development program run by Saudi oil giant Aramco, and Manafa, a Riyadh-based fintech company, to launch a range of financing solutions catered towards SMEs in the Kingdom.
With the aim to empower SMEs associated with Aramco’s ecosystem as well as the Kingdom’s industrial sector across the projects, manufacturing, and services sectors, the collaboration between the three entities aims to provide access to fast financing solutions that will improve their financial liquidity and operational efficiency, while also addressing any funding challenges they might be facing.
In a statement, Ibrahim bin Hamad Al-Rashid, CEO of SME Bank, noted that his bank is committed to enabling the growth of SMEs by facilitating access to suitable funding, providing guarantees, addressing operational challenges, and enhancing efficiency, thereby supporting sustainability and strengthening competitiveness. He also affirmed the bank's continued efforts to fulfill its developmental role and empower this sector by strengthening integration with the private sector and financing entities across the Kingdom.
Jamil J. Al Bagawi, Senior Vice President of Diversified Industries at Aramco, said, “Through the Aramco Taleed program, we continue to deliver unique solutions for local SMEs. Through collaboration, we aim to enable the local SMEs associated with Aramco's ecosystem to gain access to funding that supports their operational needs. These funding solutions can enhance the ability of SMEs to execute their operations smoothly and fulfill their commitments to Aramco across the projects, manufacturing, and services sectors.”
Abdulaziz Al-Adwani, CEO, Manafa, added, "We are delighted to partner with Aramco Taleed and SME Bank, and we’re proud to contribute to strengthening the SME ecosystem in Saudi Arabia. Through these digital funding solutions, we are providing a seamless experience that enables SMEs to access tailored funding quickly, helping them overcome financial challenges and supporting their long-term sustainable growth."
The collaboration between the three entities will offer a diverse range of financing solutions tailored to the needs of SMEs, including working capital loans, supply chain financing, revolving limit loans, term loans, and e-commerce loans. Financing opportunities within the Aramco ecosystem are expected to reach approximately SAR1.5 billion (US$406 million) over the next five years, with it expected to be achieved through a seamless financing experience, streamlined procedures, and flexible repayment plans of up to 12 months, in compliance with Sharia principles.
Image courtesy SME Bank.
