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Saudi state lender cuts age limit for small business loan.

Applications by Saudi nationals may be made through the National Entrepreneurship Institute (Riyadah). The loan ceiling has been increased by 50 per cent to SAR 300,000 ($80,000). Muhammad Al-Khaled, Director of Riyadah in Jeddah, said the government-owned bank's measures are designed to assist young people who want to enter the world of business. Applications are made through the institute and then submitted to the bank. If approved, the Saudi Credit and Savings Bank pays the loan directly to the applicant.

The bank was established by the Government to provide a range of loans for citizens, notably to provide interest-free loans for small enterprises, employers, and emerging trades and to play a coordinating role for the MSME sector.

The Saudi Credit and Savings Bank has 26 branches in different regions, being located in: Riyadh, Jeddah, Dammam, Ahsa, Madinah, Khamis Mushayt, Buraidah, Makkah, Taif, Tabuk, Hail, Jawf, Jizan, Wadi Aldawaser, Kharj, Baha, Najran, Qunfudah, Bisha, Majmaa, Dawadmi, Gurayat, Hafr al-Batin, Al-Namas, Arar and Yanbu.

2011 CPI Financial. All rights reserved.

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Publication:CPI Financial
Date:Jul 12, 2011
Words:178
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