JEDDAH, 15 July 2005 — A new batch of young Saudi entrepreneurs received loans from the Abdul Latif Jameel Fund for Supporting Small Businesses. Mohammed Jameel, chairman of the ALJ Community Services Program, handed loan checks to 13 young Saudis to start their small businesses at a recent ceremony held at the Hindawiyah headquarters.
The small businesses to be established by these young eager businessmen include a computers store, snacks stall, shoes stall and toys stall. Ahmed Harbani had trouble getting financial support for his small project expressed his joy at finally making his dream come true of opening a stall at Sawarikh Souk for shoes.
Abdul Muhsin Al-Harithy, director of the small businesses support program, thanked the Small Businesses Development Center at the Jeddah Chamber of Commerce and Industry for their support and assistance in easing procedures for establishing these young men’s businesses.
He said that the small businesses support program at ALJ has introduced new administrative procedures and incentives to encourage small businesses including providing monetary loans and items loan, raising the age of eligible applicants to 50 and expanding the support to include new and already established projects. So far since the beginning of 2005, ALJ Fund for Supporting Small Businesses had given loans to 60 young men and women for SR1.2 million and that provided job opportunities for 175 to Saudis.
