RIYADH, February 25, 2021 – In line with its ongoing commitment to support the mico, small, and medium sized enterprise (MSME) sector, Alinma Bank has signed a cooperation agreement with the General Authority for Small and Medium Enterprises (Monsha'at), to provide appropriate financing to qualifying businesses. Through the agreement, MSMEs will have access to Alinma’s new “Franchise Financing” product, which can be conveniently requested through the Monsha’at financing portal, where applicants also have access to numerous other financing options.
Speaking about the agreement, Alinma Bank CEO, H.E. Mr. Abdullah Al-Khalifa, affirmed Alinma’s desire to actively participate in Monsha'at’s efforts on behalf of MSMEs, and stressed that the bank’s latest agreement with Monsha’at was a continuation of the long-standing cooperative relationship between the two organizations, which has included two previous agreements.
Al-Khalifa also noted that the Franchise Financing agreement was in line with the kingdom’s Vision 2030 objectives related to increasing growth of the SME sector, and the economy in general. He additionally pointed to the importance of franchising as a tool for economic growth, and as a mechanism to encourage youth to engage in entrepreneurship.
It is worth noting that Alinma intends to increase its involvement in Monsha’at’s initiatives going forward, and currently has MSME related programs such as financing point of sale operations, financing employee salaries, facility bill financing, working capital financing, and other programs that would help MSMEs expand their business activities.