During a meeting with women entrepreneurs in Al-Qatif Governorate
The Social Development Bank supports staff and existing projects
The director of the women's branch of the Social Development Bank in the Eastern Province, Fawzia Al-Qahtani, explained that the bank’s services aimed at pioneers in the field of business are numerous, including financing, to a basic degree, in addition to training, counseling, and awareness. The main goal of all this is to improve the material level of the Saudi citizen.
Al-Qahtani said during a remote meeting organized by the Asharqia Chamber represented by the Women's Empowerment Center on Wednesday (7 / April / 2021) with female entrepreneurs in Qatif Governorate and managed by a member of the Chamber’s Business Council in Qatif Governorate, Abeer Jleih, that the bank has witnessed many developments, depending on the developments of the economic and social situation. The year 1391 AH, with a capital of five million riyals, and its activity initially focused on providing social loans. The situation developed and in 1427 the new system was issued and its areas of work developed and expanded, and the capital was increased to 6 billion riyals, which was also increased in the year 1432 to 36 billion riyals. , And from there to 46 billion in the year 1435 before changing its name from the Salvation and Savings Bank to the Social Development Bank in the year 1438.
Accordingly, Al-Qahtani indicated that the bank carries a future vision that is to be a pioneer in enabling social development tools and enhancing financial independence for individuals and families towards a vibrant society, by providing financial and non-financial services and saving programs that are meaningful and effective and supported by qualified human cadres to contribute to social development, building Partnerships with multiple sectors, spreading financial awareness, and promoting a culture of self-employment among all segments of society.
In this regard, Al-Qahtani emphasized the keenness of those in charge of the bank to ensure the success of the projects and to ensure the feasibility and goals for which the loans were granted. Therefore, when the Corona pandemic prevailed, the country undertook several initiatives to protect the projects that were granted loans from the bank represented by delaying the payment time for a period of six months for the projects that were available during the two years. For 2019 and 2020, it was extended for another 6 months, and some of those affected even got rescheduling of dues.
The bank also launched during the pandemic period - according to Al-Qahtani - under the name of "horizon" and it was presented to existing projects. The first projects included in this initiative were medical projects of importance during the pandemic, and funding for them was rapid. About a thousand medical facilities were funded during the last period.
Among the services provided by the bank to support self-employment is the “trade franchise” initiative, which Al-Qahtani said was launched 4 years ago. The bank’s role is to mediate between the “donor” and the “grantee”, so financing is provided to entrepreneurs (and women entrepreneurs) who want to work. In this formula, which carries many advantages, especially for those wishing to start directly with their projects, with fewer efforts, plans, and expenses, we have (16 donors) for well-known brand names in various disciplines.
Based on all of this, she confirmed that the bank seeks to monitor those who are serious and those who want to work, so she gives them .. confirming that self-employment can take place in homes so that the free person can get financing, training, counseling, and awareness, so what he has to do is take advantage of the opportunity and make the necessary licenses and follow-up.
Al-Qahtani praised the initiatives that were taken during the past period throughout the Eastern Province, and in the Qatif Governorate in particular.
