The Social Development Bank has seen Since its inception. Substantial developments that made it today. One of the most important development institutions that play an active and influential role in the process of social and economic development. It offers affordable development finance programs. Programs to support new and emerging enterprises. as an important contributor to building Saudi Arabia’s economy.
The Social Development Bank offers a variety of financing options. It targets new businesses with funding of up to SAR 300,000. It also targets promising enterprisesthat are less than 3 years old, with funding of up to SAR 4 million.
The bank is targeting the development of franchise businesses. With funding of up to SAR 4 million. It also targets new incubators and accelerators with funding of up to SAR 4 million. The bank also targets new businesses with financing of up to SAR 300,000. To enable entrepreneurs to start new ventures. and turn their entrepreneurial ideas into reality.
Key conditions for obtaining financing for new facilities
1. The beneficiary must be of Saudi nationality.
2. Not less than 21 years old and not more than 55 years old.
3. The beneficiary’s financial and credit status must allow him/her to obtain the financing.
4. The amount of financial default in the beneficiary’s credit history should not exceed SAR 15,000.
5. Default should not exceed 90 days based on the credit report, excluding utility bills.
Technical requirements for new facilities
The project must be new.
The guarantee percentage must not be less than 100% of the financing amount.
The applicant must have a full-time job before signing the financing contract.
The qualification must not be less than a high school diploma, provided that the training course is passed by an accredited partner organization.
Guarantees to be provided
The beneficiary provides For funding. Enough of the following guarantees. To preserve the bank’s rights. The applicant provides payment bonds that cover the value of the financing. The Bank may accept or endorse any other guarantees it deems appropriate:
– Mortgage a property other than a private residence.
– Mortgage other property.
– Paid and Performing Guarantor.
– Financial guarantee.
