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Eye of Riyadh
Eye of Riyadh
Business & Money | Saturday 2 May, 2020 5:45 pm |
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Saudi Arabia’s Social Development Bank allocates $2.39bn aid for small businesses

The Social Development Bank (SDB) in Saudi Arabia has recently launched new initiatives to support small businesses in the Kingdom, as well as self-employed entrepreneurs, state news agency SPA reported.

 

The move comes as the country explores ways to support the local economy, which has taken a hit as a result of the coronavirus outbreak.

 

The bank said the aid – which amounted to over $2.39 billion  – will benefit 6,000 businesses through a special financing scheme, with a special focus on supporting health care.

 

The bank also offered a 6-month grace period, which began last month, for installments.

 

SDB earlier helped out 100,000 low income families, impacted by the economic fallout caused by the pandemic.

 

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