SR54.3m loans for women’s enterprises

SR54.3m loans for women’s enterprises
Updated 11 October 2013

SR54.3m loans for women’s enterprises

SR54.3m loans for women’s enterprises

The Saudi Credit and Savings Bank (SCSB) has extended credits worth SR54.3 million to fund 450 women’s projects during the past 20 months, a bank official told local media.
The SCSB fully acknowledges the role of women in pushing the wheel of development in the Kingdom and, therefore, the bank is keen to support projects that commensurate with women capabilities and potentials, SCSB spokesman Ahmed Al-Jibrain said.
The SCSB is currently financing Masarat Program for small and medium enterprises (SMEs) and the social loans program for low-income categories (marriage, home repairs, family), he said.
Since its inception, the SCSB has financed 21,473 SME projects valued at SR3.2 billion and extended SR55.13 billion fin the form of social loans up to the end of H1-13, he said.
On training program for Saudi nationals, he said the SCSB is keen to provide all facilities to entrepreneurs who are applying for loans to their SME projects.
He said the SCSB is also offering non-financial services, either directly or through the Bank’s executive arms which have recently signed deals with certain bodies such as the National Entrepreneurship Institute (Entrepreneurship), the Supreme Commission for Tourism, the Royal Commission for Jubail and Yanbu (RCJY), the Centennial Fund, in addition to Badir Program for Technology Incubator (BPTI).
These entities are playing a series of roles such as training, conducting feasibility studies and other related services, he said.
The SCSB has also adopted the “Empretec” Program, an affiliate of the UNCTAD, which is aimed to support entrepreneurs on how to upgrade their businesses and make them more competitive at local and global levels, he said.