Social Development Bank offers SAR 2.9 bln financing in Q1 2023

Logo of Social Development Bank (SDB)

The Social Development Bank (SDB) financed more than 35,000 small enterprises, startups, and self-employed business owners with over SAR 2.9 billion during the first quarter of 2023.

According to the board report for Q1 2023, the bank stated that more than 2,000 small enterprises and startups received SAR 1 billion in financing. Meanwhile, over 9,000 individuals got social financing worth SAR 538 million.

The financing granted to self-employed business owners and productive families stood at SAR 1.4 billion. Thus, the number of beneficiaries reached over 23,000, an increase of 99% compared to the same period a year earlier.

Earlier, SDB allocated SAR 24 billion to finance small enterprises, startups, and self-employed business owners over the next three years, according to data compiled by Argaam.