The Saudi Credit and Saving Bank (SCSB) has approved the financing of 415 small and new enterprises amounting to SR87 million to help local entrepreneurs.
According to Ahmed Al-Jibreen, the official spokesperson of Saudi Credit and Saving Bank, the financing will help young aspiring Saudi entrepreneurs to start their own business by lending them capital with a maximum amount of SR300,000.
The bank approval to support the 415 projects is in accordance with the Saudi government’s Royal Decree number M/34 issued in 2006.
The decree aims to provide interest-free loans for small enterprises, employers and emerging trades to encourage them to run their own business independently, provide interest-free social loans for citizens with limited incomes to help them overcome their financial difficulties, play a coordinating role for small and medium enterprises in the Kingdom, to encourage savings for individuals and institutions in the Kingdom.
SCSB is a state-owned banking institution considered as one of the Saudi government’s keystones because it has provided loans to Saudis that will enable them to contribute to the development of the Kingdom.
The bank has 26 branches located in the key cities of Saudi Arabia — Makkah, Madinah, Riyadh, Taif, Jeddah, Dammam, Ahsa, Khamis, Mushayit, Buraidah, Tabuk, Hail, Jawf, Jazan, Wadi Aldawaser, Kharj, Baha, Najran, Qunfudah, Bisha, Majmaa, Dawadmi, Gurayat, Hafr Al-Batin, Al-Namas, Arar and Yanbu.
SCSB to finance 415 projects worth SR87m
