Frequently Asked Questions about Social Development Bank Initiatives

 

Q 1: What are the programs and initiatives of the Social Development Bank to mitigate financial and economic impacts of COVID-19?

A: In an effort to support individuals, families, emerging and small enterprises -both new and existing – and to address economic impacts of COVID-19, the SDB has approved programs and support initiatives of SAR 13.3 billion for 8 key company types:

  • Initiative to support allocation of funding for Micro and Small enterprises
  • Initiative of dedicating a finance portfolio to fund enterprises operating in the health sector
  • Initiative to support approved finance partners
  • Initiative to support enterprises financed by SDB
  • Initiative to support projects of productive families financed by SDB
  • Initiative to support approved smaller finance intermediaries
  • Initiative to support independent entities working in free professions
  • Initiative to support limited-income families

 

Q 2: What is the support allocation for the funding of Micro and Small enterprises' initiative?

A: Allocation of finance products dedicated to micro and small businesses have been supported by an additional SAR 2 billion to finance 6,000 male and female business pioneers.

Q 3: How can I benefit from such support –medium and small enterprises?

A: benefit can be obtained through products available for business sector/enterprises on the following link:  https://www.sdb.gov.sa/ar-sa/our-products/projects/productive-loans

 

  • Q 4: What is the Initiative which dedicates a financing portfolio to fund enterprises operating in the health sector?

    A: A finance portfolio has been dedicated to small and medium health facilities, amounting to SAR 2 billion, to finance 1,000 micro, small and medium enterprises.

    Q 5: Is the finance only for existing health enterprises, or does it include new ones as well?

    A: It is for existing enterprises only.

    Q 6: What are the Health disciplines targeted in healthcare product?

    A: This product targets all medical disciplines licensed by the Saudi Ministry of Health, including medical complexes, medical industries, specialized clinics, consulting clinics, medical laboratories, home healthcare, emergency medicine, radiology centers, one-day clinics, rehabilitation centers, preventive health, medical services and others.

     

Q 7: How to benefit from this initiative for my health enterprises?

A: Apply for the health care enterprises finance portfolio on the SDB website: https://sdb.gov.sa/ar-sa/medical 

 

Q 8: What is the Initiative to support approved finance partners?

A: This initiative supports the portfolio of the finance partners with SAR 2 billion of additional funds, to finance 2,000 micro and small enterprises.

  • Q 9: What is the Initiative to support enterprises financed by SDB?

A: it is an initiative that includes three tracks dedicated to fund enterprises that have been impacted financially by the precautionary measures taken by the government to address COVID-19.

Q 10: What are the tracks of the Initiative to support enterprises financed by SDB?

  • A track to extend the grace period for 6 months for enterprises that are still in the grace period.
  • A track to postpone monthly installment for 6 months for enterprises financed by SDB starting from April 2020.
  • A track to reschedule monthly installments for enterprises working in affected activities.

Q 11: What is the difference between the initiatives of postponement of installment, rescheduling and extension of grace period initiatives?

  • The postponement of payment initiative means postponing payments due in the future only (starting from April payment for 6 months) but arrears shall not be processed.
  • The rescheduling initiative means that previous and/or future installments shall be processed, as new due dates according to a plan agreed by the bank and the client.
  • The extension of grace period means that 6 months shall be added to the grace period of those enterprises, which are still in such period.

 

Q 12: Can I benefit from the extension of the grace period resolution approved by SDB recently?

A: The resolution includes enterprises and businesses financed by SDB and are still in the grace period.

Q 13: Does the program include enterprises that were not financed by SDB?

A: The support program is only for enterprises financed by the SDB.

Q 14: How can I benefit from enterprises financed by the SDB's support?

A. An application should be made through the enterprise's portal on the SDB website, the application shall be processed and a track shall be determined according to the status of the enterprise.