Washington, D.C. April 9, 2019 – Social Development Bank (SDB) became the newest member of the SME Finance Forum, a global membership network that brings together financial institutions, technology companies, and development finance institutions to share knowledge, spur innovation, and promote the growth of SMEs.
“200 million businesses worldwide need financing to invest, grow and create new jobs. We are proud to have Social Development Bank join our network of 150 members who work to expand access to finance for small and medium businesses,” said Matthew Gamser, CEO of the Forum.
SDB was established in 1971 and mostly focused on social loans. The bank eventually expanded its services to include professional loans in 2006. SDB is one of the most important governmental pillars providing development loans to the citizens of Saudi Arabia and supporting small and emerging enterprises as they help build the economy.
“We look forward to developing partnerships and exploring new trends with the SME Finance community,” said Ibrahim Al Rashed, General Manager of SDB. “Membership with the Forum will assist us in advancing our efforts towards empowering social development tools and enhancing financial independence to individuals and families.”
SDB has 26 branches in different regions of the Kingdom of Saudi Arabia to deliver services efficiently to its citizens. The bank aims to achieve five objectives that will drive the process of economic and social development in the Kingdom. SDB provides: gratuitous loans and non-financial services to micro-enterprises, and social loans to low-income citizens. They develop and nurture the micro-enterprise sector and encourage savings and raising funds to individuals and institutions in the Kingdom. Furthermore, SDB provides gratuitous loans and non-financial services to nongovernmental organizations and associations to enable them to contribute in providing services to the targeted segments of the Bank.
To see all SME Finance Forum members, please visit: https://www.smefinanceforum.org/members/member-list
About SME Finance Forum
The Forum operates a global membership network that brings together financial institutions, technology companies, and development finance institutions to share knowledge, spur innovation, and promote the growth of SMEs. Its members share a common commitment to advancing finance so that small and medium enterprises can flourish and grow. The SME Finance Forum was established by the G20 Global Partnership for Financial Inclusion (GPFI) in 2012 and is managed by the International Finance Corporation (World Bank Group).
About Social Development Bank
SDB was established in 1971 and mostly focused on social loans. The bank eventually expanded its services to include professional loans in 2006. SDB is one of the most important governmental pillars providing development loans to the citizens of Saudi Arabia and supporting small and emerging enterprises as they help build the economy.
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