Riyadh, September 25, 2023, The Social Development Bank (SDB) has been recognized by the Global SME Finance Forum for its outstanding support of women entrepreneurs and its commitment to advancing the Sustainable Development Goals. The bank, honored with this accolade in India on September 13, extends financial support to women entrepreneurs, as well as small and micro enterprises. Furthermore, it offers financial products designed to facilitate funding for both assets and operational expenses for new businesses, contributing significantly to the attainment of comprehensive sustainable development goals and promoting gender equality within the entrepreneurial landscape.
During the first half of 2023, the bank disbursed SAR6.4 billion to support over 150,000 small businesses, women entrepreneurs, and self-employed individuals across all regions of the Kingdom. Of this, the largest share went to financing small and emerging enterprises, benefitting over 6,000 such ventures with funding exceeding SAR3 billion.
In a proactive move to enhance the prospects of upcoming projects, the bank has allocated a substantial sum of over SAR35 billion for financial products over the next three years (2023-2025). Of this allocation, SAR24 billion has been specifically earmarked to finance entrepreneurs, small and emerging enterprises, and self-employed individuals, further underscoring its commitment to fostering economic growth and innovation in the Kingdom.
