Social Development Bank allocates SAR 24 bln for small businesses, startups

13/03/2023 Argaam
Ibrahim Alrashid, CEO of Social Development Bank

Ibrahim Alrashid, CEO of Social Development Bank

The Social Development Bank (SDB) allocated SAR 24 billion to finance small enterprises, startups and self-employed business owners over the next three years, Saudi Press Agency reported.

 

This aims to empower entrepreneurs while enhancing the role of the small enterprises as well as startups in the national economy, the bank added on the sidelines of Biban 23 Forum.

 

These allocations aim to offer financing support for these enterprises via the bank products and programs, stated CEO Ibrahim Al-Rashed.

 

The bank arranged SAR 5 billion worth of financing for 9,000 enterprises in 2022.

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