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with SR 10 million, the social development bank is establishing a new product “Ofok” to support startups

The Social Development Bank launched the “Ofok” product to finance existing small enterprises, with a financing amount of 10 million riyals.

The bank stated that the launch of the “Ofok” product comes from its direction to support small enterprises, with the aim of increasing their contribution to the local economy and creating job opportunities for citizens by providing support programs that enable entrepreneurs to continue their commercial projects, as part of its pivotal role in supporting the entrepreneurship system and generating jobs. For citizens.

The Vice President of the Facilities Financing Sector, Ahmed Al-Zahrani, confirmed that the Social Development Bank seeks to empower entrepreneurs with financial and non-financial solutions by providing appropriate financing, training, and specialized consulting services.

Al-Zahrani explained that over the past 12 years, the bank has funded more than 25,000 small and emerging enterprises, with a total financing value of more than 6 billion riyals.