“This fund is set to revolutionise SME lending, as it will enable faster and more flexible lending than most of the lending facilities in the region. Our application process is indeed straight forward, as all is completed online on our platform, with the initial approval to be granted within as little as 24 hours and final approval in seven days. Foodics Capital is able to extend loans from $5,000 (SAR18,750), up to $133,000 (SAR500,000) as and when needed by small businesses.”
-Abdullah Tahboub, CFO for Foodics which has partnered with Saudi Arabia-based Maalem Finance to raise $100m to launch Foodics Capital, a micro loan fund. to support Saudi F&B merchants post Covid-19 through Shariah-compliant micro loans. [Gulf Business]
