Riyadh – Mubasher: Social Development Bank (SDB) endorsed over 35,000 small and emerging enterprises as well as self-employed business owners with a value exceeding SAR 2.90 billion in the first quarter (Q1) of 2023.

The board’s report highlighted that the lender provided 2,000 small enterprises and startups across Saudi Arabia with more than SAR 1 billion in financing during Q1-23, according to a press release.

Above 9,000 individuals benefitted from social financing amounting to SAR 538 million, whereas over 23,000 self-employed business owners and productive families received loans worth SAR 1.40 billion.

In line with its objectives to boost financial independence across the Kingdom, the bank allocated SAR 24 billion to finance entrepreneurs, small and emerging enterprises, and self-employed owners during the period from 2023 to 2025.