Yes, businesses can have more than facility at any point in time. However, a business must have made several successful repayments on their existing facility prior being approved for a second facility.
Repayments can be made by bank transfers.
Businesses need to be established in Saudi Arabia with a minimum of 2 years of trading. The venture needs to have SAR 2 million of revenue, a strong track record and profitable or on path to profitability. All businesses will undergo extensive due diligence through the credit assessment process.
Funding Souq offers financing between SAR 50,000 and SAR 1,000,000 on terms of 6-36 months.
Yes, the amount is transferred directly to the applicant's verified bank account. Once your application is approved and your bank account is verified, the transfer is initiated to ensure you receive the funds promptly and securely.
Typically, a credit decision is issued within 72 hours of the applicant's submission. We strive to process your application as quickly and efficiently as possible. The 72-hour timeframe allows us to thoroughly review your application and ensure that all necessary checks are completed for a fair and accurate decision.
Yes, you absolutely can. We offer the flexibility for you to pay off the financed amount before the due date.
In the event that a designated investment opportunity fails to achieve full funding within a 30-day period, all allocated capital will be redistributed to the respective investors, ensuring the return of their principal investment.
1. Valid Saudi commercial registration.
2. Minimum of three full years of operation.
3.Minimum of SAR 2,000,000 turnover.
Required Documents for Financing:
1. The Commercial Registration and Articles of Association
2. A comprehensive financial statement from the past two years
3. A bank statement covering the most recent year
Funding Souq's Credit Risk Assessment Team evaluates each financing application based on the company's ability and willingness to repay. The evaluation begins with assessing the company's creditworthiness using a credit scoring card. This card considers various criteria and assigns a credit rating to each company, from which the associated risk category is determined. This determination is based on the evaluation of several factors, such as the company's financial capacity, credit history, owner's commitment, and analysis of external sources.
Funding Souq obtains a promissory note from the businesses as well as its signatories.
Financing is repaid via bank transfers. You will receive all the necessary bank details and instructions to set up your transfers seamlessly.
The application process for financing with Fundiniq Souq takes less than 3 minutes. Start your registration through our website and provide us with the required information. After that, our team will contact you to complete the rest of the registration steps and guide you through the necessary documents needed to complete the registration process.
We at Fundiniq Souq are committed to providing continuous support throughout your journey with us. If you have any questions, do not hesitate to contact us at any time!
The profit rate varies depending on the internally generated risk rating and the tenure of the fund. Additionally, the borrower pays a one-off origination fee that varies between 2-5%.