Saudi Arabia extends COVID-19 loan for businesses
Small business owners in Saudi Arabia are singing the praises of the government over the recent loan extension.
The Saudi Central Bank put out a statement to announce that the government in conjunction with the bank has decided to extend the Deferred Payment Program, a COVID-19 loan program that was created to help small businesses cushion the effect of the pandemic on their overall operation.
Saudi Central Bank stated that the loan program has resulted in over 167 billion riyals, an equivalent of $45 billion, in payments since it started in March 2020.
The loan program is also said to have fostered economic growth and employment within the country’s private sector, further providing stability in Saudi Arabia’s overall financial sector.
Although the loan program has been extended multiple times before, Saudi Central Bank affirmed that it will come to a final close in September 2021 with micro, small and medium-sized businesses receiving aid according to their need.
