About the Initiative Project
The foundations of “industrial project fund”
The bank designate this funding tools in cooperation with the Saudi Authority for Industrial cities and Technology zones (MODON) to encourage and support the entrepreneurship of Industrial cities. With a fund up to 4 million Riyals.
Project Application
Requirements
- The applicant shall be of Saudi nationality.
- Age: The applicant shall be over 25 and under 65 years old.
- The applicant shall not apply for two request for funding of the bank funding programmmes.
- Qualifications: The applicant shall hold, at least, secondary degree (thanawaya amaa’) or equivalent.
- The applicant shall be unoccupied to operate their own project or appoint an experienced qualified Saudi manager.
- To offer payment guarantee at least 30% of funding.
- At least one-year experience.
- The needed funding for the project shall not exceed an amount of 4 million Riyals and the investment costs for 8 million Riyals.
- The self-financing shall be at least 8% of the project cost and at most 50%.
- There is no any delay payment of loan by the customer to the bank
- Financial Insolvency amount shall not exceed 30 thousand Riyals.
Sectors
Electrical equipment
Textile and garment
Food and beverages
Machinery and tools
Devices and medical supplies
Spare parts of transportation means
Shaped metals
