Riyadh – Mubasher: Ghassan bin Ahmed Al-Soliman, governor of the General Authority for Small and Medium Enterprises, has said that the authority was in the process of getting Saudi banks to raise its funding limit for small and medium enterprises (SMEs) to 20% from 2% currently, reported Okaz newspaper.
The upgrade is around 10 times the current financing rate, it added.
Three banks currently bear the full load of the funding from a total of 12 banks, the top official said, noting that the authority will include incentives for these banks after meeting with the Saudi Monetary Agency (SAMA).
Officials from the two government bodies are set to meet to find suitable solutions to support entrepreneurs.
