Saudi Arabia’s Social Development Bank allocates $2.39bn aid for small businesses

The Social Development Bank (SDB) in Saudi Arabia has recently launched new initiatives to support small businesses in the Kingdom, as well as self-employed entrepreneurs, state news agency SPA reported.

The move comes as the country explores ways to support the local economy, which has taken a hit as a result of the coronavirus outbreak.

The bank said the aid – which amounted to over $2.39 billion  – will benefit 6,000 businesses through a special financing scheme, with a special focus on supporting health care.

The bank also offered a 6-month grace period, which began last month, for installments.

SDB earlier helped out 100,000 low income families, impacted by the economic fallout caused by the pandemic.