Saudi Arabia’s NTDP to provide loans up to USD4M for micro, small, medium size businesses

2021-09-02 03:03:29

(MENAFN) According to SPA, Saudi Arabia’s National Information Technology Sector Development Program (NTDP) inaugurated an initiative to offer loans that reach SR15 million (USD4 million) for micro, small, and medium size businesses related to IT and digital projects in the Kingdom.

In collaboration with the Kafalah the enterprise “Technology Growth Financing” was inaugurated, a program to support micro, small and medium size businesses.

In addition, it plans to permit the expansion and sustainable development of the IT sector in the Kingdom. Under the program, small and medium initiatives can have loans averaging from SR100,000 to SR15 million to do projects and improve current operations.

The program is going to aid as a sponsor for the companies so they can obtain funds from financiers. The enterprise also is going to help increase the local content in the sector and enable young Saudis to implement their original ideas.

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