RIYADH: Saudi small and medium enterprises are set to receive a finance boost thanks to a new deal signed by the Kingdom’s Social Development Bank. The cooperation agreement, inked with the country’s SME general authority, also known as Monsha’at, will see the authority joining the bank’s Entrepreneurs Program, the Saudi Press Agency reported. This collaboration aims to provide the necessary financing solutions and facilities for the growth of SME projects and the expansion of their businesses. The program is a financing product aimed at supporting the assets and operating costs of new business entities in the Kingdom. This initiative aligns with Monsha’at’s objective to bolster the growth and competitiveness of SMEs by collaborating with strategic partners from various sectors, both locally and globally. The goal is to create an enabling environment and foster a leading society. Furthermore, it resonates with the bank’s vision to be pioneers in empowering social development tools and enhancing the financial independence of individuals, families, and entities toward a vibrant and productive society. Under the terms of the newly signed agreement, Monsha’at will work to provide training and advisory services to further empower entrepreneurs who benefit from the bank’s entrepreneurs program through support centers in Riyadh, Madinah, Jeddah, and Alkhobar. On the other hand, SDB will work to process the submitted lending applications and make the appropriate decisions regarding them, as well as other works agreed upon by the two parties. The deal was signed during Finance Week, which Monsha’at organizes to introduce investment opportunities and government initiatives that serve the various sectors of SMEs. In February, a report released by Monsha’at revealed that the Kingdom’s SMEs totaled 1.3 million in the fourth quarter of 2023, marking a 3.1 percent increase from the previous three months. This growth was fueled by robust public investment, strong entrepreneurial drive, and the region’s leading venture capital investments, as highlighted in the report at the time. In September, a study released by the Centre for the Fourth Industrial Revolution in the Kingdom revealed that SMEs in Saudi Arabia are poised to lead the industrial sector into a new era driven by advanced digital technologies. The think tank’s report at the time underscored the pivotal role SMEs play in the sector and highlights key initiatives currently fostering digital transformation.