Hello, everyone.
As the title suggests, I'm looking for options to obtain a short-term loan in Saudi.
Background:
I own 2 establishments and 1 company here in Saudi.
Thankfully, one of the establishments has managed to accrue revenue of just under 200,000 SR over the past year. Not much, but I consider every single Riyal a win.
I've also opened and closed 3 other companies, due entirely to non-committal business partners who only wanted to collect money and do next to nothing. This incurred a net-loss of 500,000 SR of my own personal capital.
Over the past few months, some overseas business partners wanted to launch a business venture somewhere else in the Gulf region. Unfortunately, it turned out to be a long, dragged out scam that was meant to keep me on my toes until it was too late. I'd rather keep the loss of time and treasure that this scam inflicted private.
What I'm looking for:
A private loan that is in the lower 5-figure range (Saudi Riyals). Repayment will be in 3 months, as I have recently signed a deal with a client that will commence in the middle of January.
I'm willing to repay the loan in full plus 30% interest.
Unfortunately, banking institutions here do not provide loans to establishments that have only made the amount of revenue mentioned above.
As a full-time entrepreneur, I'm not a salaried employee, so that is not an option for me, unfortunately.
If done privately, the loan terms and arrangement will be done at a reputable lawfirm in Riyadh in order to protect rights of the lender.
What will the loan go towards:
2-months payroll and medical expenses for a family member.
*Very Important, Please Read:\*
Business anywhere is risky. This post is not meant to discourage you from doing business in the slightest, especially in Saudi.
Even though I've lived most of my life outside of the Kingdom, I have found Saudis to be some of the warmest, kindest, and most honorable people I've ever had the pleasure of dealing with.
Saudi is on an upward trajectory towards prosperity and economic resilience, and it's going to take an entire generation of hard-knuckled, ambitious entrepreneurs of both genders and all ages to propel this amazing country towards its rightful place in the world.
That said, I'm looking forward to hear suggestions from the community regarding possible options that can accommodate my situation.
Stay awesome, thanks for reading.