The Saudi Credit and Savings Bank plans to begin supporting and financing existing projects as one of the productive tracks it funds for small and emerging businesses, as part of its contribution to diversifying sources of growth and within the «Masarat,» which focuses on supporting and financing small and emerging enterprises as one of the tracks funded by the bank, namely the Excellence, Emerging, Innovation, Transportation, and Microenterprise tracks.
In terms of the bank’s support for the small and startup enterprise sector through the financial and non-financial support it provides, in the first quarter of the current year 2015, 850 projects were approved with a value exceeding 135 million riyals, under the «Masarat» program for financing small and startup projects, ranging from micro-enterprises to startups, excellence, taxi, and transportation projects across all regions of the Kingdom. The largest share of project support went to micro-enterprises and productive families, with 426 projects worth 6,970,000 riyals, while start-ups received 338 projects worth 76,700,000 riyals, while excellence projects received 27 projects worth 43,700,000 riyals, and 45 taxis and transport vehicles were purchased at a value of 3,500,000 riyals, in addition to financing 14 projects in the graduates« track at a value of 4,500,000 riyals.
Financial statements released by the Credit and Savings Bank for the first fiscal quarter of 2015 revealed the approved small and emerging projects for the »Masarat« program, as well as for the Social Loans Program (Marriage – Family – Renovation), which included 60,004 social loans, valued at 3,576,700,000 riyals.
The volume of deposits in the charitable account for discharge of liability, which the bank manages and supervises, continues the bank’s methodology of publishing its quarterly achievements in terms of operations, services, and statistics on both the social and economic levels.
Regarding social loans in the first quarter of 2015 and statistics on the social loan program, the statistics showed that the bank disbursed 60,004 social loans, distributed among loans (marriage, family, and renovation), totaling 3,576,700,000 riyals.
