The Makkah Chamber of Commerce, represented by its Entrepreneurship Center, has partnered with the Social Development Bank (SDB) to launch a new initiative aimed at empowering entrepreneurs in the holy city of Makkah. The “Entrepreneurship Financing” product is a long-term, electronic financing solution designed to help founders with innovative ideas and early-stage startups transform their passion into successful businesses that contribute to the local economy and create sustainable employment.
A Strategic Partnership for Growth
This collaboration underscores a shared commitment from both the Makkah Chamber and SDB to foster a culture of freelancing and self-employment. By providing flexible financing tools, the initiative aims to strengthen the entrepreneurial ecosystem in the Makkah region, making it easier for new ventures to launch and scale.
Flexible Financing for Aspiring Founders
The program offers financing ranging from SAR 50,000 to SAR 500,000, accessible through a streamlined and fully digital application process that eliminates the need for physical bank visits.
The terms are designed to be founder-friendly, featuring extended repayment periods of up to nine years and a grace period of up to 12 months before payments begin. The initiative includes a 7% administrative fee and a low annual service fee of just 1%.
Driving Vision 2030 Goals
This financing product specifically targets Saudi male and female entrepreneurs who wish to establish or expand their businesses within Makkah. The initiative directly supports the objectives of Saudi Vision 2030 by stimulating local economic activity and enhancing the role of small and medium-sized enterprises (SMEs) in the Kingdom’s diversification efforts.
About The Entrepreneurship Financing Initiative
The Entrepreneurship Financing initiative is a joint effort between the Makkah Chamber of Commerce and the Social Development Bank. It provides long-term, accessible financing to Saudi entrepreneurs in Makkah, helping them launch and grow projects that contribute to economic development and job creation in line with Saudi Vision 2030.
Source: Al Riyadh
