Emerging entrepreneurial projects are the main engine of economic growth in the world of economics. It creates new job opportunities and contributes to supporting the wheel of innovative development. However, projects face many challenges, such as obtaining the necessary financing, marketing and managing your business in the best way possible.
To help these projects overcome these challenges, many governmental and private agencies and agencies are launching programs dedicated to supporting these projects. These programs offer a variety of services, such as financing, training, mentoring, and marketing.
Which aims to help you to overcome all the obstacles found in the beginning.
The types of these programs are many and varied, as each of them provides a variety of services. Some provide funding only, while others offer training and mentoring. But in general, financing is often one of the most important challenges facing startups. The cost of starting a business is often high, and exceeds the reach of entrepreneurs to secure. It is difficult for them to obtain the necessary financing from banks or investors through traditional methods.
Here, the importance of the Emerging Projects Support Program is highlighted in helping the owners of these projects succeed. In this article, we will talk about emerging projects, mention the challenges they face, and the types of support they need.
What are emerging projects?
Startups or emerging projects are new companies in the establishment or rapid growth stage, often active in the field of technology or innovative products and services, and seeking to disrupt the market or provide distinctive new products or services. What distinguishes these projects is the high risk of investing in or supporting them, but the financial and economic returns for financing them are great if they succeed.
There are many challenges facing start-ups, such as financing, marketing, and operations management. But business also offers many opportunities, such as the potential for rapid growth and access to new markets.
Through the Emerging Projects Support Programme, these projects can contribute to developing the economy by attracting foreign investments and promoting exports. When these projects succeed, they attract the attention of investors from all over the world. This leads to the influx of foreign investments into the country in which it is active, and in turn supports the economic growth of this country.
What are the challenges facing emerging projects?
Start-ups face many challenges, including:
- Financing: As we mentioned at the beginning, financing is the biggest challenge facing any startup project, as the owners of these projects often struggle to secure the necessary financing for their projects, especially if they are in the early stages of their life. So entrepreneurs resort to creative solutions to overcome this obstacle, such as obtaining funding from friends and family, angel investors, or through crowdfunding.
- Marketing: It can be difficult to promote startups and attract customers, especially if they are still unknown. So this requires entrepreneurs to be active in online marketing, participate in professional events and occasions, and look for innovative ways to reach potential customers.
- Operations Management: In the beginning, it is difficult to manage startup projects, especially if they are small. This requires entrepreneurs to be fully involved in managing all aspects of project management, such as managing financial resources, employees, inventory, and the daily operations of these projects.
- Risks: Start-up projects face high risks, such as the possibility of failure or not achieving sufficient profits.
- Competition: Emerging projects face intense competition from other companies operating in the same market. Therefore, it requires entrepreneurs to be able to provide a product or service that is unique and distinct from other competing companies.
- Changes that may occur in the market: Markets are constantly changing, and it may be difficult for emerging projects to keep up with these changes. So entrepreneurs must be able to innovate quickly and make sure their products and services keep pace with these changes.
What types of support does the Startup Support Program provide?
There are many forms of support provided by the Emerging Enterprise Support Program, each of which provides a variety of services. Here are some of the most important and common forms of support:
- Financing Programs: The Emerging Projects Support Program provides the necessary funding for these projects, which helps them start and develop their work. The financing provided takes many forms, such as loans, investments, or grants.
- Training Programs: These programs provide the professional training necessary for business administration, marketing, and financial management. The training provided can be through training courses, seminars, or consultations.
- Mentoring Programs: These programs provide the necessary guidance from successful entrepreneurs, who can provide advice and support for these projects based on their previous experiences through individual meetings, groups, or professional events.
- Marketing programs: These programs provide advice or services in the field of marketing, which helps emerging projects reach customers and sell their products or services.
How does Al Raedah contribute to supporting emerging projects?
The financing programs at Al Raedah Company are designed to give owners of emerging projects the easiest and best ways to obtain suitable financing, compatible with Islamic Sharia regulations and with payment methods of their choice, this has led to us becoming one of the best organizations that contribute to supporting emerging projects in Saudi Arabia.
Advantages of our leading financing programs
- Al Raedah offers you innovative digital financial solutions.
- All solutions are licensed by the Sharia Board.
- Once you complete the documents, you can receive the financing within 5 business days.
- A flexible payment mechanism through deductible payments, without fixed monthly installments, through the use of a point-of-sale system, by deducting a specific percentage from each sale. Therefore, payment is made through sales, not installments.
- We require fewer documents than any other competitor.
- Al Raedah provides you with the liquidity your project needs without any guarantees.
- You can submit your application to Al Raedah Company online.
The most important thing that distinguishes the funding granting mechanism at Al-Raeda Company is the absence of any fixed monthly payments or installments, as Al-Raeda follows the deduction method to pay off the loan gradually, and thus the customer will be able to focus on benefiting from the financing he obtained from Al-Raeda to achieve his goals, instead of worrying about the method. The mechanism for paying installments at the end of each month.
The top financing programs at Al Raedah: Point of Sale financing program
The point-of-sale financing program is designated for emerging entrepreneurs to achieve their desired goals and develop their businesses by obtaining quick and appropriate financing, without monthly installments, and in accordance with the following controls and features:
- Supporting emerging projects without a sponsor, as the point-of-sale financing program does not require a guarantor or guarantor.
- No monthly installments needed.
- Payment method is daily through points of sale.
- A one-time fixed administrative fee of 1.5% (or at least 5,000) Saudi riyals.
- 15% value added tax applies.
- Financing is up to (21%, 38%, 50%) of total annual POS sales with repayment terms of one, two or three years respectively.
Conclusion
So, as we have seen, startups face many challenges, the most important of which is obtaining the necessary financing. Therefore, bodies and organizations are keen to provide a program to support emerging projects, because of its importance in making these projects successful and, consequently, promoting economic growth in the Kingdom of Saudi Arabia.
In this regard, Al Raedah is distinguished as the best non-banking financing institution in Saudi Arabia. Through the financing services it provides, you can obtain financing that meets your aspirations in the best possible way. So what are you waiting for? Find out how Al Raedah can help with your startup.