27/12/2022
"Social Development Bank" reviews its financing products for the private sector in Asharqia Chamber
The Social Development Bank confirmed that the volume of financing in the bank’s branches in the eastern region since the bank’s inception amounted to about 17.2 billion riyals for individual products, while project financing amounted to about 971 million riyals for more than 3 thousand projects, while the bank provided about 824 million riyals for self-employment projects and productive families.
This was stated by the regional director of the bank’s branch for the eastern region, Muhammad bin Sami Al-Mousa, during the workshop organized by the Asharqia Chamber on Sunday (December 25/2022), under the title “Social Development Bank Services for the Hospitality and Entertainment Sector”, in the presence of the First Vice-Chairman of the Board of Directors, Hamad bin Muhammad Al-Buali, and it was managed by committee member Abdulaziz Al-Rabeeah, where he reviewed the achievements of the bank’s branch in the eastern region, where he indicated that the bank offers financing products to individuals and establishments in various forms, and supports new emerging establishments with financing up to 4 million riyals for entrepreneurs in the excellence product or institutions aiming to obtain Commercial concession, and the bank supports and finances existing facilities, up to ten million riyals, depending on the product and the existing project.
He pointed out that the Social Development Bank is an extension of the Saudi Savings and Credit Bank, which has been providing social and professional financing since 1971, and its services have developed to carry out the task of financing emerging and small enterprises in the year 2007, and the situation continued until the bank’s identity was launched to become the Social Development Bank since 2017. In this context, the bank finances what is termed as the "third sector", which includes charitable institutions and establishments with a social dimension, and the financing amounts to ten million riyals.
Regarding the role of the Delnee Business Center and what it offers, Al-Mousa indicated that the center is concerned with small enterprises, as the center provides training and advisory programs from which many entrepreneurs and establishments have benefited, and other programs aimed at spreading the culture of work.
