Dhahran: SME Bank, in collaboration with Aramco Taleed and Manafa, a leading fintech company and a portfolio company of Wa'ed Ventures, announced the launch of financing solutions to enhance financing opportunities for SMEs during a ceremony held today in Dhahran. This collaboration aims to empower SMEs associated with Aramco's ecosystem and the Kingdom's industrial sector across the projects, manufacturing, and services sectors.
According to Saudi Press Agency, this collaboration is expected to expand SMEs' access to financing, where financing opportunities within the Aramco ecosystem are expected to reach approximately SAR1.5 billion over the next five years. This will be achieved through a seamless financing experience, streamlined procedures, and flexible repayment plans of up to 12 months, in compliance with Sharia principles. The financing solutions offered include working capital, invoices, payroll, and purchase order financing.
This collaboration builds on the strategic partnership between SME Bank and Manafa, which began in 2023 as part of the bank's efforts to support the innovative financing ecosystem and expand SMEs' access to modern financing solutions. SME Bank is among the first banks and development funds to support non-traditional and innovative financing solutions through its Agency Financing Program, in partnership with fintech companies. The program has facilitated financing exceeding SAR1 billion through more than 720 financing opportunities, reflecting the growing impact of alternative financing solutions in supporting business growth and enhancing sustainability.
The partnership offers a diverse range of financing solutions tailored to the needs of SMEs, including Working Capital Loan, Supply Chain Financing, Revolving Limit Loan, Term Loan, and E-commerce Loan, enhancing SMEs' ability to grow, expand, and achieve sustainability. These efforts are an extension of the bank's role in supporting the objectives of Saudi Vision 2030 by fostering financial innovation, expanding financing options available to SMEs, and enabling access to more diverse and efficient financing solutions.
SME Bank CEO Ibrahim bin Hamad Al-Rashid emphasized that the collaboration with Aramco Taleed and Manafa represents a step change in facilitating SMEs' access to digital funding solutions. He noted that the bank is committed to enabling SMEs' growth by facilitating access to suitable funding, providing guarantees, addressing operational challenges, and enhancing efficiency, thereby supporting sustainability and strengthening competitiveness. Al-Rashid further affirmed the bank's continued efforts to fulfill its developmental role and empower this vital sector through strengthening integration with the private sector and financing entities across the Kingdom.
Aramco Senior Vice President of Diversified Industries Jamil J. Al Bagawi stated that through the Aramco Taleed program, unique solutions for local SMEs continue to be delivered. The collaboration aims to enable the local SMEs associated with Aramco's ecosystem to gain access to funding that supports their operational needs, enhancing their ability to execute operations smoothly and fulfill commitments across various sectors.
Manafa CEO Abdulaziz Al-Adwani expressed delight in partnering with Aramco Taleed and SME Bank, contributing to strengthening the SME ecosystem in Saudi Arabia. Through digital funding solutions, a seamless experience is provided that enables SMEs to access tailored funding quickly, helping them overcome financial challenges and supporting their long-term sustainable growth.
