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The program encourages Saudi banks to loan to small businesses by guaranteeing a portion of the funds, and was launched in response to the coronavirus-related economic downturn in Saudi Arabia.
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He Saudi Central Bank (SAMA) has announced the extension of the Guaranteed Financing Program — one of SAMA's Private Sector Financing Support Programs — for one more year until March 14, 2023, for micro, small and medium enterprises (MSMEs).
RIYADH: The Saudi Central Bank, known as SAMA, has extended a guaranteed financing scheme for micro, small, and medium-sized businesses for one more year. To date, the Guaranteed Financing Program has benefited over 13,000 contracts with a total financing value of more than SR11 billion ($3 billion), the bank said in a statement. It will now be extended until March 14th, 2023.
The Saudi Central Bank (Sama) has extended the Deferred Payment Program from October 1, 2021 to December 31, 2021 for the benefit of micro, small and medium enterprises (MSMEs) that continue to be affected by the Covid-19 precautionary measures.