Manatej and STC Bank Announce Financing Deal
The General Authority for Small and Medium Enterprises (Monsha’at) signed a cooperation agreement with STC Bank during the "Money 20/20" conference in Riyadh, with the aim of supporting entrepreneurship and facilitating access for small and medium enterprises to innovative digital financing products. The agreement includes the creation of a financing portfolio worth up to 5 billion Saudi Riyals, compliant with Shariah law, offering short-, medium-, and long-term financing solutions up to 10 years. Services covered include working capital finance, asset purchase, invoice financing, financing against point-of-sale receivables, supply chain finance, as well as support for e-commerce and trade finance services, all geared towards fostering sector growth and sustainability and supporting the national economy in accordance with Saudi Arabia’s Vision 2030.
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