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Saudi bank earmarks $2.4bn to help small businesses

Saudi bank earmarks $2.4bn to help small businesses

The funds will be used to support 6,000 businesses in their financing needs

saudi arabia riyadh

Saudi Arabia’s Social Development Bank has launched new initiatives to shore up small businesses and self-employed entrepreneurs.

The bank has granted more than SAR9bn ($2.4bn) in response to the government’s decisions to back citizens, individuals and private sector establishments, notably those badly affected by the Covid-19 pandemic, Saudi Press Agency reported.

The bank has dedicated SAR8bn ($2.13bn) for promising and priority enterprises, among those micro and small size establishments.

The funds will be used to support 6,000 businesses in their financing needs. The bank has also created a portfolio for healthcare to fund about 1,000 medical establishments by raising their operational capacity.

The bank has also granted its clients a 6-month grace period to repay installments, beginning April 2020.

In March, the government had already announced SAR70bn of support for the private sector.

Read: Covid-19: Saudi says measures taken will save companies $32bn

The kingdom has further allocated an amount of SAR50bn to expedite the payment of dues to the private sector.

Read more: Saudi reveals new measures to support the private sector due to Covid-19 impact

Saudi Arabia has registered a total of 25,459 cases since the outbreak, as well as 176 deaths.

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