Social Development Bank Earmark over SR9 billion for Micro Enterprises, Self-employed Businesses

Riyadh, The Social Development Bank, recently, launched an array of initiatives aiming at backing up micro-enterprises and establishments, in addition to self-employed entrepreneurs.
The appropriations of the bank earmarked to them worth more than SR9 billion, in response to the latest government driven fiscal decisions and procedures to take the side of the citizens, individuals and the private sector establishments, notably those badly affected by the current Coronavirus crisis, to alleviate their financial and economic burdens resulting from the pandemic and in response to the government of the Kingdom of Saudi Arabia strenuous efforts exerted to combat the financial and economic fallout of the crisis.
The bank dedicated SR8 billion for the promising and of priority enterprises, among those micro and small size establishments, to be funneled through main tracks, including: Fast and affordable financing for 6,000 small and start-ups, newly incepted or previously existent, alike, with focusing on activities with technical feasibility. The bank also created a Portfolio for Health Care, to fund about 1000 medical units through raising their operational capacity.
Among the initiative is another one to furnish more affordable and fast funding solutions’ track, through funding partners accredited to the bank.
To make it more easier for the clients to continue with carrying on their works, the bank offered a 6-month grace period for installments’ repaying, beginning from last April 2020. The umbrella of the initiatives included elastic and easier funding channels for the productive families and small self-employed entrepreneurs, through the mediators of micro funding, for 6-month, starting from last April, too.


Source: Saudi Press Agency