RIYADH — The Social Development Bank, recently, launched a slew of initiatives with an aim to support micro-enterprises and establishments as well as self-employed entrepreneurs with financial allocations amounting to SR9 billion, Saudi Press Agency reported on Friday.

The initiatives are in line with the government policies and decisions to stand by citizens and the private sector in order to mitigate their economic burdens resulting from the preventive and proactive measures taken by the government to prevent the spread of coronavirus.

The bank has earmarked SR8 billion for the promising and of priority enterprises among those micro and small size establishments. The program includes four tracks to support and finance these enterprises in order to provide 6, 000 small and start-ups, (both new and existing) focusing on technical activities with easy and quick financing. The bank also created a portfolio for health care to fund about 1,000 medical units through raising their operational capacity.

One of the other initiatives is to furnish more affordable and fast funding solutions through partners accredited with the bank. To make it easier for the clients to continue with carrying on their works, the bank offered a six-month grace period for the payment of loan installments beginning from April 2020.

The slew of the initiatives included flexible and easier funding methods for the productive families and small self-employed entrepreneurs, through the mediators of micro funding, for six months, starting from April, too. — SPA