SME Bank, Manafa join forces on SME finance

By Milan Rojan

Saudi SME Bank, Aramco’s Taleed programme and crowdfunding platform Manafa Capital have partnered to broaden access to financing for small and medium-sized enterprises across Saudi Arabia, supporting the Kingdom’s efforts to strengthen entrepreneurship and economic diversification.

The collaboration has been designed to improve funding opportunities for SMEs by combining the resources of SME Bank and Taleed with Manafa’s digital financing platform. The initiative has aimed to address financing gaps faced by businesses seeking growth capital while supporting the development of the Kingdom’s SME ecosystem.

Nabil Khojah, Chief Executive Officer of SME Bank, said: “This partnership reflects our commitment to empowering SMEs by expanding access to innovative financing solutions that support their growth and sustainability. By collaborating with leading organisations, we have strengthened our ability to serve entrepreneurs and contribute to the Kingdom’s economic ambitions.”

Under the partnership, eligible SMEs have been provided with enhanced access to debt-based crowdfunding solutions through Manafa’s platform. The arrangement has enabled businesses to obtain financing more efficiently while offering investors access to opportunities within Saudi Arabia’s growing SME sector.

Mohammed AlKhotani, Chief Executive Officer of Manafa Capital, said: “The partnership has combined institutional support with digital financing capabilities, creating new opportunities for SMEs to access capital and achieve their growth objectives.”

The agreement has aligned with the objectives of Saudi Vision 2030, which has prioritised increasing the contribution of SMEs to the national economy and improving access to financial services for entrepreneurs and business owners. The partners have said the initiative has sought to accelerate business growth, encourage innovation and support sustainable economic development.

The initiative has highlighted the increasing role of alternative finance and FinTech platforms in supporting SME funding across the Middle East, as governments and financial institutions have sought to improve financial inclusion and expand access to capital for growing businesses.