Among Those Receiving $493 Million in Funding From the Social Development Bank in Q1 2024 are Saudi Entrepreneurs

Among Those Receiving $493 Million in Funding From the Social Development Bank in Q1 2024 are Saudi Entrepreneurs

RIYADH: The Kingdom’s Social Development Bank provided training and support to about 12,000 Saudi businesses during the first quarter of 2024, it was disclosed. In an announcement on X, Minister of Human Resources and Social Development Ahmed Al-Rajhi stated that during the first three months of this year, SDB supplied funding of SR1.85 billion ($493 million).

Supporting individuals and enterprises to contribute to economic development and sustain efforts toward national sustainable growth” is the stated goal of the funding. Over 1,700 firms received SR606 million in help for small and new businesses during the same period.

Additionally, 12,000 residents benefited from SR 640 million in empowerment support for thriving and productive communities, which included marriage, family support, and repair. Support for working families and independent contractors also increased to SR600 million, helping 13,000 people.

Furthermore, there were 13,000 more savings accounts, 245,000—with balances higher than SR525 million. The Small and Medium Enterprises General Authority reports that in the fourth quarter of 2023, Saudi Arabia’s small and medium-sized businesses increased by 3.1 percent to 1.3 million establishments.

SMEs are a major component of Saudi Arabia’s economy and are acknowledged for their critical role in diversifying revenue streams and promoting economic advancement. In the third quarter of 2023, credit facilities available to micro, small, and medium-sized businesses increased by 18% yearly.

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