An innovative service to find funding for your projects
Loans and finance are two of the main factors supporting the growth of SMEs. The role of these sources of financing cannot be ignored in promoting the sustainability of their work and prosperity. Therefore, the Qlend service comes under the Qoyod accounting program to provide the necessary support and facilities to enterprises and companies of all types and sizes to obtain the funding they need.
In this article, we offer you the most important questions and answers that give you detailed information about this service, which shows how Qoyod users can easily use it to meet their financial needs and achieve their goals. If you’re looking for a reliable and effective way to manage your finances and get the necessary funding, the Qlend service is your best option. So you keep reading with us to learn more about this special service and how it can help you successfully achieve your financial goals.
What are the loans? What are the requirements for obtaining financing for enterprises?
Loans are sums of money provided by banks or financing entities to enterprises or individuals on specific terms relating to the method of payment, duration, and guarantees. Loans are intended to finance the economic or investment activities of borrowers.
Enterprise financing is a service provided by small, medium, and large enterprise financiers to cover their various financial needs, whether operational, investment, or expansionary. Enterprise financing differs from other types of financing and loans because it is linked to the performance of the enterprise and its ability to make profits and repay debts.
The requirements for obtaining financing for enterprises vary according to the funding entity and the type of funding required. In general, however, Saudi Arabia’s funding entities require:
- The establishment is officially registered in Saudi Arabia and has a valid business register; this means that the enterprise has a legal identity, is subject to Saudi laws and regulations, and engages in a specific business activity authorized by the competent authorities. The purpose of this requirement is to ensure the credibility and transparency of the institution and to protect the rights of the financing community.
- The enterprise is active in a specific area and has experience and reputation in the market. The enterprise provides quality and value-added products or services to customers and has a history and record in the market that demonstrate its competitiveness and continuity of work. This requirement is aimed at ensuring the continuity and success of the facility and its ability to achieve the desired funding objectives.
- The enterprise is able to demonstrate the viability of its project, income, expenses and profits:that the enterprise presents an economic and technical feasibility study of its project that illustrates the opportunities, challenges, plans, costs and expected proceeds of funding, and provides accurate and up-to-date financial statements on its current status, showing the level of its income, expenditure and profits; to ensure the quality and efficiency of the enterprise project and its a bility to meet its financial obligations.
- The enterprise is able to provide financial, in-kind, or personal guarantees to ensure the payment of the financing; this means that the enterprise is subject to a guarantee or guarantee to the financer if it is unable to pay the financing. Financial guarantees are cash, bank accounts, checks, or bonds; in-kind guarantees are fixed assets, such as real estate, machinery, or cars. Personal guarantees are credible and reliable persons, such as other investors or partners. This requirement is intended to ensure that the financier is protected from the loss of paid financing.
- The enterprise is obliged to pay tax, zakat, insurance, and legal obligations; this means that the enterprise regularly pays taxes and zakat due to it in accordance with the legislation and regulations in force. It also means that it abides by the laws, regulations, contracts, and conventions governing its relationship with finance and other relevant actors. This requirement is aimed at ensuring respect for and application of the social and legal responsibilities of the enterprise.
- The enterprise must meet the requirements of occupational safety, health, and environmental preservation. The enterprise must take all measures to ensure the safety and health of its employees, customers, and visitors against any hazards or accidents that may occur in the workplace. It also means committing to reducing the negative impacts of its activities on the environment, such as pollution or carbon footprints. This requirement is aimed at ensuring the preservation of human rights to life, health, and dignity, as well as the preservation of nature.
- The establishment is not included in any list of penalties or prohibitions by any official authority; this means that the enterprise has not committed any offenses or offenses punishable or prohibited by government agencies, such as the Zakat and Income Authority, the Ministry of Trade and Investment, the Ministry of Justice, or others. This requirement is designed to ensure that the enterprise is respected and applied in accordance with law and order, as well as that no liability or risk is placed on the financing community.
What’s Qlend ?
Qlend is an important feature incorporated into Qoyod Accounting, which is an effective solution for users seeking funding and loans to meet their diverse financial needs. This service can be described as a financing bridge linking banks, institutions providing financing services, and employees in need of financing.
This feature allows users to communicate easily with potential funding partners, be they banks or other financial institutions, including requesting loans, enquiring about funding requirements, providing documentation to approve funding, and following up on the status of the request for funding.
Simply put, Qoyod makes it easier and more effective to search for finance and communicate with financial service providers. It is a valuable tool that contributes to accelerating the process of obtaining the funding needed to achieve financial objectives and to start various projects.
How does Qlend work?
The work of this service depends on several basic steps:
- Provision of financial information: Provides the necessary financial information, such as monthly income, monthly expenses, and any other information required. They are also required to submit financial documents such as profit, loss, and budget reports.
- Evaluation of financial statements: After the submission of information and documentation, the system analyzes and evaluates the data provided by the user; this evaluation is based on the requirements and standards of the funding partners at Qoyod.
- Offering user eligibility level: Based on the evaluation, the user’s eligibility level for funding is presented. This may include the amount available for the loan and the conditions and potential benefits.
- Communication with funding partners: If the user is satisfied with the terms and the level of eligibility for funding, he or she can easily communicate with potential funding partners through the Qoyod program. This may include making a final application and following up with them until approval and a loan.
What are the most important loans that can be requested through the Qlend service?
A variety of types of loans can be requested through this service, which is designed to meet different user needs, including:
- Point of Sale (POS) Loans: These loans are ideal for sales-intensive businesses and projects that are offered to finance the purchase of points of sale, electronic payment devices, and increase working capital.
- Purchase Order Loans (PO): These loans can be used to finance the purchase of goods or products required to fulfill new orders without the need for cash upfront.
- Salary loans: These loans are used to meet the needs of companies to pay salaries and emoluments to employees. They are usually used in periods of growth or when there is temporary pressure on financial liquidity.
- Working capital loans: These loans are used to finance the company’s day-to-day activities and to cover fixed and variable costs such as rent, salaries, and supplies.
- Stock loans: These loans are used to increase the stock available to the company, enabling it to meet the increasing demand from clients.
- Equipment Financing: This type of financing can be used to purchase or lease equipment and fixed assets necessary for the company’s work.
- Merchant Cash Advances (MCA): In this type of financing, a cash advance amount is granted in exchange for a percentage of the company’s future sales.
- Commercial mortgages: These loans are used to finance commercial real estate projects, such as the purchase or development of commercial buildings.
- Long-term loans: These loans cover a longer repayment period, allowing the company to finance long-term projects such as expansion or modernization.
In conclusion…
So, as we have seen, the Qlend service is a valuable resource for users seeking funding for their projects and businesses; it facilitates access to different types of loans and financing options that meet diverse needs, thus enhancing the chances of success for enterprises and companies.
Now that you have a clear view of Qoyod and his features, what are you waiting for? Try Qoyod now for free for 14 days.
