Emerging technologies Product


Target Audience
All Citizens 

Beneficiaries
1081

Service Fees
Nominal Fee

Strategic Engagement
Providing funding services for small-size projects


International Strategic Engagement:
Business Ancubators and Accelerators financing product intersects with the ninth objective of the United Nations sustainable development objectives.

It can be found here


Aims to finance projects that exceed the investment cost of 300 thousand Saudi riyals, do not exceed 8 million Saudi riyals and meet one of the criteria of excellence set by the bank.

About Product


It is a specialized portfolio for supporting emerging technology enterprises so as to enable gifted Saudis to start new digital enterprises, and enhance the system of the business environment that seeks to connect between unique and quality opportunities of the SMEs in the high priority sectors that are in line with the goals of the National Transformation Program and the 2030 vision of the Kingdom of Saudi Arabia.
 

Financing Scope

The financing in this stream starts from 50 thousand Saudi Riyals and can reach up to 4 million Saudi Riyals.
 

Self-financing Percentage

If the investment cost of the enterprise exceeds five hundred thousand (500,000 SR)  Saudi Riyals, the self-financing percentage required from the applicant should not be less than 8 % of the total investment cost of the enterprise and should not be more than 50 % in accordance with the policies set by the administration of the bank.

 

Application Requirements

A financing seeker should fulfill the following general requirements in accordance with Article Five in the implementing regulation of the SMEs financing:


  • The financing applicant should be a Saudi national and able to fulfill all the application requirements
  • If the demanded financing amount is less than one million Saudi Riyals, the applicant should have a minimum of three years of expertise in the same field of the enterprise and a general certificate of Secondary Education (high school). However, If the required funding amount is more than one million Saudi Riyals, the financing applicant should have a minimum of five years of expertise in the same field of the enterprise and a general certificate of Secondary Education (high school), provided that the expertise is approved and accepted by the bank.
  • The financing applicant should be not be younger than 21 and not older than 65 years old.
  • The applicant applying for financing, at the time of application, should not be an owner or co-owner of any other business other than the one for which he is seeking financing.
  • The financing applicant cannot apply for (or combine between) two financing applications of the bank financing programs.
  • The financing applicant should work full-time to manage the operations of his / her enterprise.
  • The financing applicant should be in a financial and credit position that allows him / her to obtain the fund.
  • The financing applicant demanding funding for medical or educational institutions shall have no legal verdict handed down against him in a case involving a breach of honor or trust, unless he has been rehabilitated.
  • The financing applicant has to fill in all application forms of each program and complete the other requirements pertinent to his / her application so that the bank can carry out the assessment procedures.
  • The financing seeker should submit one real estate guarantee or more of a value of no less than 30 % of the total fund demanded from the bank.
  • The enterprise to be financed should be within the scope of the enterprises which the bank finances.
  • The enterprise for which the financing is sought should be of an added value to the national economy.
  • The percentage of the Saudi nationals to the total manpower of the enterprise should be in accordance with the regulatory national laws of Saudization.
  • The enterprise for which the financing is sought should be new or under construction.
  • The total investment cost of the enterprise for which the fund is sought should not exceed (8.000.000) Saudi Riyals.
  • The financing seeker should be a Saudi national.
  • The financing applicant should be not be younger than 25 and not older than 60 years old depending on the track of the program that he / she applies to.
  • The financing applicant cannot apply for (or combine between) two financing applications of the bank financing programs.
  • The financing applicant should work full-time to manage the operations of his / her enterprise.
  • The financing applicant should have an adequate experience to operate and manage his / her enterprise.
  • The financing applicant should have sound credit history as the policies of the bank deem appropriate.
  • The financing applicant should provide the necessary guarantees.

 

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