36 Financial and Investment Entities Enhance the Diversity of Financial Support Sources at the Biban Riyadh Forum

Monday 29 January 2024
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36 financial and investment entities from both the public and private sectors participated in the financing section to offer their services to visitors of the Biban Riyadh Forum. The objective was to diversify the sources of financial support for small and medium-sized enterprises (SMEs) and motivate initiatives in the venture capital sector. The aim was also to establish policies and standards for funding projects classified as SMEs, activate the role of banks and lending funds, and encourage them to play a larger and more effective role in financing and investing in SMEs. Additionally, the forum aimed to create and support necessary programs for SME development.

The participating financial companies have provided their services to forum visitors through the Indirect Lending Initiative, offered by the General Authority of Small and Medium Enterprises "Monsha’at," as part of the Private Sector Motivation Plan. This initiative aims to enhance lending to SMEs and entrepreneurs in the Kingdom by providing low-cost loans to licensed financial companies regulated by the Saudi Arabian Monetary Authority. These financial companies, in turn, offer financial solutions and loans with competitive advantages to SMEs and entrepreneurs. Banking partners also presented their programs and services to forum visitors.

The Saudi Venture Capital Company, established by "Monsha’at," also offered its services to forum visitors. Its goal is to contribute to the growth and diversification of the Kingdom's economy, as well as enable and support SMEs. It aims to encourage them to explore new areas, including providing necessary support and making bold investments in startups. It also aims to invest in venture capital funds to bridge existing financing gaps.

The "Small and Medium Enterprises Financing Guarantee Program" presented its services and diverse programs within the financing section. Its objective is to assist SMEs in obtaining the necessary financing for their development and expansion. The program aims to encourage financial institutions to engage with the SME sector. It also aims to attract a new segment of SME owners who were not accustomed to dealing with financing entities by guaranteeing the financing provided by these entities.

The presence of financial and investment entities at the Biban Riyadh Forum reflects "Monsha’at's" commitment to diversify the sources of financial support for SMEs. It also demonstrates collaboration with public and private entities that support SMEs. Moreover, it aims to stimulate venture capital financing for SMEs and entrepreneurs and enhance investment opportunities in startups at different stages of growth. This includes leveraging local capabilities by investing in early-stage and growth-stage companies to generate financial returns for investors and achieve strategic returns that serve the economic growth of the Kingdom.

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