SCSB to give $23m to 415 SMEs

SCSB will help Saudi Arabia's young entrepreneurs start their own business by lending them capital up to $80,000.

SCSB will help Saudi Arabia's young entrepreneurs start their own business by lending them capital up to $80,000.

Aspiring Saudi entrepreneurs will benefit from the Saudi Credit and Saving Bank’s (SCSB) approval to fund 415 SME projects worth SR87m ($23m).

The bank will help young entrepreneurs start their own business by lending them capital up to SR300,000 ($80,000), in line with a 2006 Royal Decree aiming to provide interest-free loans for small enterprises, employers and emerging trades.

The decree is designed to encourage people with limited incomes to run their own businesses independently by providing interest-free social loans, as well as ensuring the SME sector in the Kingdom has the support it needs to thrive.

In 2011, Saudi Arabia launched plans to raise loans to SMEs from SR15bn ($4bn) to SR80bn ($22bn) by 2016, amid fears the world’s top oil exporter would struggle to create jobs during a global economic slowdown.

Earlier this year the Kingdom’s The Centennial Fund (TCF) revealed it had helped create 6,000 new jobs, with a target of 28,000 by 2020.

Director general Abdulaziz Al Mutairi also said funding for the next round of TCF projects would bring the initiative’s spending to SR2.5bn ($667m).

Related:
Topics
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Design thinking or the importance of being human

Design thinking or the importance of being human

Having recently conducted a workshop on design thinking in Dubai...

What pushes Jordanian entrepreneurs to succeed?

What pushes Jordanian entrepreneurs to succeed?

Jordan, one of the middle east’s smallest markets, has produced...

1
Virtual and augmented reality arrive in the UAE

Virtual and augmented reality arrive in the UAE

John Lillywhite, founder of Dubai- and Amman-based Project Pen...

Most Discussed
sponsoredTracking