The Small and Medium Enterprises Loan Guarantee Program (Kafalah) and Lendo, a debt crowdfunding platform, have signed a strategic partnership to broaden financing options for small- and medium-sized enterprises (SMEs) in Saudi Arabia.
The agreement, signed by Kafalah CEO Homam Abdulaziz Hashem and Lendo CEO Osama AlRaee, entails providing innovative and comprehensive financing solutions to SMEs through crowdfunding platforms, supported by Kafalah’s financial guarantees.
Under the partnership, SMEs will have access to up to SAR250 million in guarantees, which facilitates their ability to secure the funding needed for growth and development.
The collaboration will streamline the application process by integrating Kafalah systems into the Lendo platform, reducing the time and effort required of SMEs to obtain financing. This digital approach will make crowdfunding more accessible and efficient for SMEs, fostering greater confidence in their ability to achieve their business goals.
Kafalah’s mission is to su
pport micro-, small-, and medium-sized enterprises and contribute to the national economy by providing financial guarantees that mitigate lending risks for financing entities. The partnership with Lendo aligns with Kafalah’s strategic objectives and complements the efforts of the Small and Medium Enterprises Bank to expand financing opportunities for SMEs.
Source: Saudi Press Agency