RIYADH: Saudi entrepreneurs received funding worth SR100.02 billion ($27 billion) in the first quarter as the number of small and medium-size businesses operating in the Kingdom rose by 15 percent, according to a government report.

The number of SMEs in the Kingdom increased to 755,979 in the first three months of the year from 650,550 a year ago, Saudi Arabia’s General Authority for Small and Medium Enterprises, also known as Monsha’at, said in its “SME Monitor” quarterly report.

The SMEs received the funds through Monsha’at services led primarily by its Kafalah program, which guaranteed SR64.6 billion in secured loans to entrepreneurs. 

“SMEs must have their basic needs fulfilled,” Saleh Alrasheed, the governor of Monsha’at, said in a statement. 

“They need streamlined bureaucracy, lower fees, and the ability to compete in the market. We are ensuring that SMEs get the support they need and that growth is transformed into sustainable business models.”