In a workshop at the incubator of the Asharqia Chamber of Entrepreneurship
The "Social Development Bank" financed individuals' products with 17 billion riyals
An official at the Social Development Bank confirmed that the volume of financing in the Eastern Province since the establishment of the bank amounted to about 17.1 billion riyals for individual products, benefiting 426 thousand beneficiaries, while project financing amounted to about 935 million riyals for more than 3,000 projects, while the Bank provided about 600 million riyals to about 22 thousand projects of self-employment and productive families
This came in a workshop organized by the Asharqia Chamber, represented by the Incubator of the Asharqia Chamber for Entrepreneurship, on Tuesday evening, April 12, 2022, under the title "Financing solutions to finance your project" presented by Khalid bin Ahmed Al-Ghamdi, Director of Enterprise Finance at the Social Development Bank in Dammam, who explained that the Social Development Bank is An extension of the Saudi Credit and Savings Bank, which has been providing social and artisanal financing since 1971, and its services developed to undertake the task of financing emerging and small enterprises in 2007. In its various forms, some of them support new emerging enterprises with the financing of up to 300,000 riyals, and it may reach 500,000 riyals for entrepreneurs, but this amount reaches 4 million riyals for excellence establishments or institutions aiming to obtain commercial excellence. The bank also offers products to support existing establishments, with financing ranging from 500,000 riyals up to ten million riyals, depending on the product and the existing project.
In this context, the bank finances what is termed the "third sector", which includes charitable institutions and establishments with a social dimension, and the funding reaches ten million riyals.
The lecturer touched on the services of the Delnee Business Center, which is the center concerned with small and medium enterprises, where the center provided development programs that benefited 1,131 beneficiaries, and other programs aimed at spreading the culture of self-employment and benefiting more than 18,000 beneficiaries, and the center provided, within the consultancy program, more than 6.8 thousand consultations.
