SR12bn banking support program for small firms and low income families – Saudi Gazette

SR12bn banking support program for small firms and low income families – Saudi Gazette

Saudi Gazette reportJEDDAH - The Saudi Social Development Bank (SDB) on Sunday announced a support program worth SR12 billion for owners of startups and small enterprises as well as for families with low income in the promising and priority sectors in order to reduce the financial and economic fallout of the new coronavirus outbreak.. The bank will implement the program, with the support of the National Development Fund (NDF), to alleviate the financial and economic impacts expected during the response to the coronavirus on both individuals and small enterprises.. SDB has allocated a new portfolio of SR2 billion to provide financial support to 1,000 small and medium health facilities with a focus on new and existing medical activities to increase their operating capacity and accelerate the pace of their work and scope of services.A total of 50,000 small establishments will be benefited from SR2 billion worth financing portfolios allocation through brokers to support local content in all regions of the Kingdom.. The bank is one of the important government pillars in the field of social development loans to less privileged citizens to empower and enable them to play an effective role in national development plans..