Monsha’at signs SAR 5 billion financing deal with STC Bank

The Small and Medium Enterprises General Authority (Monsha’at) has signed a cooperation agreement with STC Bank on the sidelines of the Money 20/20 conference in Riyadh, aiming to strengthen the entrepreneurial ecosystem and improve access to innovative digital financing products for small and medium enterprises (SMEs).

According to a statement from Monsha’at, the agreement will provide Shariah-compliant financing solutions and products through a funding portfolio of up to 5 billion riyals (SAR), dedicated to micro, small, and medium enterprises across various economic sectors.

Monsha’at added that the cooperation will include a financing program offering short, medium, and long-term facilities of up to 10 years, covering working capital, operational needs, asset and equipment purchases, as well as point-of-sale receivables financing, contract and project financing, and support for e-commerce businesses.

Diverse financing solutions to boost sector growth

The agreement also covers invoice and accounts receivable financing, business credit cards, supply chain financing, and trade finance services through guarantees and letters of credit.

This agreement is part of Monsha’at’s ongoing efforts to develop the micro, small, and medium enterprise sector, providing innovative financing solutions for entrepreneurs to support the growth and sustainability of this vital sector, enhance its contribution to the national economy, and help achieve the goals of Saudi Vision 2030.