Business Invoices Financing product enables small and medium-sized enterprises to obtain financing of up to SAR 2 million to cover their needs of operational expenses for a period of 12 months with a revolving limit for 80% of each proposal offered, with easy and affordable terms and competitive prices, without The need to submit financial statements.
Financing advantages:
- Financing up to SAR 2 Million.
- Competitive rates and fees.
- Multiple choices of repayments.
- Quick study and financing approval.
- Financing 80% of the value of each submitted invoice or proposal.
- Easy and flexible terms and conditions.
Finance Limits:
- Financing up to 25% of the last 12 months of account transactions with maximum limit of SAR 2,000,000.
- Revolving Limit.
Financing terms and requirements:
- Business age should not be less than one year based on CR.
- Eligible for only Health, industrial, commercial and services sectors.
- Current Account statement for the last 12 months.
- VAT Report for the last 12 Months.
- Submit a list of suppliers who are dealing with the entity based on the previous invoices (with invoices not more than one year).
- Undertake to install Alinma point of sales devices (if applicable).
- Business should not be a full benefited of (Kafalah) program.
- Positive SIMAH records for the Business and the owners.
Finance Type:
Bai Al-Ajel.
Finance Tenor:
12 Months.
Repayments:
Multiple repayments (monthly, quarterly, Simi-annually).
Finance Pricing and fees:
It depends on the nature of the financing and varies according to the creditworthiness and the client's relationship with the bank.