Social development bank receives fund applications to support nationalization of malls in al-Qassim region

The Social Development Bank in cooperation with the National Entrepreneurship Institute (Riyadah) is starting to receive loan applications to support a wide range of businesses.

The move targets nationalization of shopping centers and malls that will start its first phase in the al-Qassim Region in the beginning of Hijri.

Saudi citizens can set up their small businesses through choosing one of the three categories to receive the loans as the first one targets startups and small businesses worth SR300 thousand.

The second one supports only graduates with up to SR500 thousand fund, which requires diploma in health or bachelor degree in education. The third one (the excellency one) requires three-year experience in order to receive one million Saudi riyals as fund.

The candidates must be Saudis with proper work experience or qualification in the targeted field. Also, they must be not less than 21 of age for the first and second categories and 25 for the third one. All categories accept candidates aged not less than 60.

The ministry added the eligible ones must hold one-year experience or degree in the same field funded by the bank. The work experience must be accompanied with proof from the General Organization for Social Insurance (GOSI) when they apply for the first and second categories, providing their enterprises should add value to the national economy.
The MLSD along with its affiliates including the Human Resources Development Fund (HRDF), the General Organization for Social Insurance (GOSI) and the Social Development Bank (SDB) have designed training programs and incentives for Saudi entrants. These programs are in cooperation with the Technical and Vocational Training Corporation (TVTC).
Such schemes are vital to get Saudi men and women employed in this important sector as well as supporting entrepreneurs in establishing their business with access to suitable loans.
The Ministry of Commerce and Investment, the Ministry of Municipal and Rural Affairs and the Governorate of the al-Qassim Region are joining the ministry to enforce the decision and launch inspection campaigns in order to track down violators.

The ministry said the nationalization of malls will eliminate illegal practices including cover-up business, as well as encouraging individuals to move from being job seekers to entrepreneurs.