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Kafalah Program Secures 100B in SME Guarantees
The Small and Medium Enterprises Bank revealed that the total guarantees provided through the "Kafalah" program have exceeded 100 billion SAR. More than 28,000 small and medium enterprises have benefited from it, with funding exceeding 140 billion SAR. The program aims to enhance access to financing for enterprises and support their growth and sustainability. It has contributed to the transformation of 51 medium-sized enterprises into the parallel market "Nomu" and increased the percentage of micro, small, and medium enterprises moving to larger categories. Currently, such enterprises represent 8% of the total facilities provided to businesses in Saudi Arabia. Studies also show that the program has helped increase employment by 17% and boosted the gross domestic product by approximately 27 billion SAR over the past five years.
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