Article 28: Credit Limits
Effective from Jan 01 2024 - Nov 30 2021
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| 1- | The Debt-Based Crowdfunding Company shall not grant financing for consumer purposes. The targeted beneficiaries shall be legal persons from micro, small and medium-sized enterprises only. |
| 2- | The total amount of credit granted to each Institutional Beneficiary shall not exceed SAR 7,500,000 (seven million five hundred thousand Saudi riyals). |
| 3- | The Participant's contribution shall not exceed 25% of the Finance Amount requested, with the total amount of contribution capped at SAR 50,000 (fifty thousand Saudi riyals) for each Institutional Beneficiary and SAR 200,000 (two hundred thousand Saudi riyals) annually for all finance options offered through the Debt-Based Crowdfunding Platform. Eligible Participants shall be excluded. |
| 4- | The fund-raising period for each Institutional Beneficiary shall not exceed 60 days, provided that the funds are transferred to the Institutional Beneficiary within a period not exceeding five working days after the Finance Amount is completed. In the event that the requested Finance Amount is not covered during the fund-raising period, the finance campaign shall be void, and Participants shall be refunded within 15 days after the end of the fund-raising period. |
| 5- | Participants shall be given at least two days to withdraw from participation. |
| 6- | Repayment period shall not exceed 60 months. The Debt-Based Crowdfunding Company may extend this period upon the approval of the Participants. |
| 7- | Repayment shall be made through electronic channels, but not in cash. |
| 8- | The funds in the collection account shall not be used for other purposes. The collection account shall be in the name of the Participants by signing the necessary agreements with any of the licensed banks. |