SDB grants $6.3 billion to boost Saudi Entrepreneurship
The Social Development Bank (SDB) has reaffirmed its commitment to promoting entrepreneurship in Saudi Arabia by providing SAR 24 billion ($6.3 billion) over the next three years to fund entrepreneurs and small and developing businesses.
SDB CEO Ibrahim Al-Rashid stated that SDB has budgeted SAR 24 billion to give greater financing support to firms through our products and services. This will be critical in preparing more individuals for self-employment and long-term success. SDB’s strategy is aimed at increasing economic productivity. The bank intends to do this by giving access to programs and products that will assist small and emerging firms in developing services, offering financing choices tailored to the requirements of particular sectors, encouraging economic activity, creating services, providing and developing services, offering financing alternatives in line with targeted sectors’ needs, and encouraging economic activity.
He went on to say that the SDB would continue to monitor the Kingdom’s social and economic progress and guarantee that Saudi nationals are appropriately assisted to prosper. In addition to Jaadah30, which provides business incubators and accelerators to empower SMEs, the Dulani Centre’s efforts are meant to give training and customized consulting and mentoring programs.
SDB funding to local small and emerging firms reached SAR 5 billion ($1.3 billion) in 2022, and the number of organizations that benefited from financing services surpassed 9 thousand. SDB stated that it is dedicated to assisting the Kingdom’s SMEs sector by offering finance options to people and businesses.
Furthermore, the bank struck 11 agreements with various stakeholders, with the goal of developing and supporting SMEs as one of the most significant streams of economic and social growth. In addition, as part of its efforts to support holistic development empowerment, six finance contracts for entrepreneurs to drive economic growth were inked.
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The statement was made on the margins of BIBAN 2023, a conference that brings together more than 120 enabling entities to participate and contribute to the conference, with the goal of enriching young people with new business ideas. Furthermore, the conference is consistent with Vision 2030 aims and the Kingdom’s long-term goal of increasing SMEs’ contribution to the nation’s GDP to 35%.
