Asharqia Chamber organizes an introductory meeting on financing solutions for male and female entrepreneurs
Asharqia Chamber, represented by the Business Women Center, in cooperation with the General Authority for Small and Medium Enterprises "Monshaat", on Tuesday, October 20, 2020, organized a remote introductory meeting about the financing solutions provided by "Monshaat" for entrepreneurs, presented by the Director of the Banking Finance Department in "Monshaat Mr. Faisal Al Hammadi, who knew about the electronic finance portal, said: It is an electronic portal whose mission is to bring together or link between private financiers and small and medium enterprises wishing to obtain financing, and to enable them to choose the appropriate financing offers.
Al Hammadi indicated that the platform aims to assist small and medium enterprises in obtaining appropriate financing, expanding the customer base and reaching promising areas, as well as opening the door for competition between multiple financing agencies to offer appropriate financing offers, as the portal facilitates for entrepreneurs wishing to obtain financing To the financing agencies without the need to leave the facility headquarters, which contributes to saving the time and effort required to obtain the appropriate financing.
Al-Hammadi said that the participating funding bodies are characterized by great diversity, between commercial banks and non-bank financing companies licensed by the Saudi Arabian Monetary Agency, pointing to the possibility of the owner of the facility to submit more than one request for financing, stressing that the applicant can choose more than one financing entity, indicating That the initial approval of the financing is given within a maximum period of 15 working days, in the event that all the required documents are completed.
Al-Hammadi indicated that the steps necessary to take advantage of the platform, which start by logging in to the electronic platform, by using the unified national access portal, and then choosing the facility and filling out the funding application form, after which the application is sent to the selected financing agencies, and thus the start of Receive offers from the available financing agencies, and finally the contracting and the end of the financing phase.
Regarding the conditions for benefiting from the platform, Al-Hammadi said, they differ based on the type of financing solutions and products required, in addition to the credit policies followed by the financing agencies participating in the portal, pointing out that the financing period is determined by the funding bodies, and the period usually varies according to the type of financing solutions and products. Provided by the financing authorities and their policies, in addition to the facility's owner's ability to pay.
