Human Resources Development Fund (HRDF) and Takamol Holding for Business Services (Takamol) encourage Saudi Investors and VCs to apply for the second wave of ‘Musharakah’, a program facilitated by 9/10ths which aims to support various investing entities (Venture Capital, Debt, Mezzanine and Private Equity funds) in their process of approaching and targeting the right SMEs.
The program is intended to facilitate a participant in obtaining matching funds from a lender of its choice by having such loan guaranteed in full by Takamol. In essence, the purpose of the program is to create new Saudi jobs in the private sector by empowering the entrepreneurial ecosystem in the kingdom, by providing the needed capital and funding for startups to scale up and eventually generate profit.
Venture capital, debt, mezzanine and private equity funds, as well as other investors who invest in or lend to SMEs can apply as an investor participant in the scheme.
Banks and other lenders who may lawfully extend a credit facility may apply as a lender participant in the scheme.
An investor participant and a lender participant may apply as a consortium.
Alternatively, an investor participant may apply individually for conditional approval, subject to obtaining an acceptable lender participant in due course. Lender participants may apply to be referred to investor participants applying to the Scheme.
An applicants’ conference and investor networking event will be taking place on March 8, 2017, at the Al Faisaliya Hotel, Riyadh.
The deadline to apply for the program is April 4.
Learn more about the program and submit your appliccation here.