The Saudi Industrial Fund Investment Company (SIC) and Saudi crowdfunding platform Lendo have launched an investment programme worth up to SAR200mn ($53.3mn) aimed at providing working capital financing for small and medium industrial facilities across Saudi Arabia, Al Eqtisadiah reported on May 19.

The programme will deliver rapid, governed and sustainable financing to industrial SMEs throughout the kingdom.

SIC seeks to enhance and diversify funding sources in the industrial sector with a wide range of products including, but not limited to, purchase order financing, commercial invoice financing, accounts receivable financing and others. This highlights an innovative approach to addressing the financing gap in the industrial sector through more flexible solutions aligned with developments in Saudi Arabia's alternative financing market.

Lendo's technology platform helps activate alternative and effective financing tools that contribute to empowering industrial facilities and expanding their operations quickly and efficiently. Meanwhile, SIC leverages its institutional investments in the programme and strategic partnerships to enhance confidence in the industrial financing issues offered and increase coverage and participation with the private sector.

"The partnership with Lendo facilitates access to alternative financing tools that support the growth of industrial companies, especially small and medium-sized ones," said Fahd Al-Naeem, Chief Executive Officer of SIC.

"We are committed to empowering the Saudi industrial sector through innovative, flexible and highly governed investment solutions that help overcome financing challenges and accelerate the pace of expansion and innovation, in line with the targets of the National Industrial Strategy and Vision 2030," he added.

The programme is available for immediate implementation, with factories and industrial companies able to submit financing applications through the Lendo platform.