SME Bank, in collaboration with Aramco Taleed, Aramco’s comprehensive small and medium enterprises (SME) development program, 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 recently 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. By providing access to fast financing solutions, their financial liquidity and operational efficiency will be enhanced and improved, while funding challenges faced by these enterprises will also be addressed.
The collaboration is expected to expand SMEs’ access to financing, where financing opportunities within the Aramco ecosystem are expected to reach approximately SAR 1.5 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 bankโs efforts to support the innovative financing ecosystem and expand SMEsโ 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 SAR 1 billion through more than 720ย 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 bankโs 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.
Ibrahim bin Hamad Al-Rashid, SME Bank CEO, emphasized that theย collaborationย with Aramco Taleed and Manafa represents a step changeย in facilitating SMEsโ access to digital funding solutions. He noted that the bank is committed to enabling SMEsโ 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.
Jamil J. Al Bagawi, Aramco Senior Vice President of Diversified Industries, said: โThrough the Aramco Taleed program, we continue to deliver unique solutions forย local SMEs. Throughย 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.โ
Abdulaziz Al-Adwani, Manafa CEO, said: “We are delighted to partner with Aramco Taleed and SME Bank, and weโre 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.”ย
To learn more about funding solutions, click on the links below.
