Saudi Arabia allocates SR9 billion for small businesses

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The Social Development Bank, recently, launched a slew of initiatives with an aim to support micro-enterprises and establishments as well as self-employed entrepreneurs with financial allocations amounting to SR9 billion, Saudi Press Agency reported on Friday.

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.

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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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