About the Initiative Project
The return of “funding small-scale projects to develop the local content”
A funding tool in cooperation with Social Development Bank (SDB); “Nusaned” of SABIC for funding the emerging and small projects of developing local content in respect of industries and local services.
- 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.
- The applicant shall be unoccupied to operate their own project or appoint an experienced qualified Saudi manager.
- If the required funding amount is less than 1 million Riyals, the applicant shall has at least relevant one-year experience of the project activity and at least shall hold a certificate of secondary stage (thanawaya amaa). If the required funding amount is more than 1 million Riyals, the applicant shall at least relevant three-year experience of the project activity; at least shall hold a certificate of secondary stage (thanawaya amaa); the experience certificates submitted by the applicant shall deem acceptable by the bank.
- The financial and credit status of the applicant shall enable them to fund the project.
- To be recommended by SABIC.
- To be listed the projects that the bank provides funding.
- To add value to national economy.
- For the project, to be new or under construction (has not been operated for more than three years)
- The funding amount shall not exceed 4.000.000 million Riyals
- The self-financing shall be at least 8% of the project cost and at most 50%.
- To offer payment guarantee at least 30% of funding.
- To pay services charges.
- Pass the interview.