SIDF News

​ Riyadh, Saudi Arabia. July 1, 2020: Saudi Industrial Development Fund (SIDF) kickstarted today the online loan approval service, as part of its efforts to improve client experience by delivering optimal service and a record processing time. SIDF has inaugurated the service by approving an accelerated loan for a medical firm to enable it to finance its working capital and cover the procurement of its raw material to meet increasing demand for healthcare products need for COVID-19 precautionary measures.  In this context, H.E. Mr. Bandar Alkhorayef, Minister of Industry and Mineral Resources, acknowledged SIDF’s initiatives supporting the medical supplies and pharmaceutical sector enterprises during the COVID-19 pandemic, pointing out that the total amount of loans approved for this vital sector has reached SAR 364 million. The Minister stated that SIDF aims to support and incentivize industrial enterprises impacted by the pandemic; through automating the lending process to improve the client experience and enable them to make the best use of SIDF’s services. The SIDF’s recent initiatives and programs took into consideration all vital sectors, including healthcare, and launched instant stimulus packages to allow them to manage challenges and provide basic needs to the local market, Alkhorayed added. The accelerated loan was introduced by SIDF to allow companies to finance the working capital. The loan is paid in advance to finance raw material and its tenure extends to two years. SIDF also financed medical supply companies that produce 600,000 face masks daily to meet the demand of the local market. The online approval of loans is yet another milestone towards enabling SIDF’s clients to access the Fund’s products and services remotely and is a major progress to reach full automation of SIDF’s client’s journey. The service is provided in association with Absher platform.  SIDF announced recently that it extended its financial support to 536 industrial enterprises with an amount of SAR 3.7 billion to face COVID-19’s precautionary measurements effects and ensure business continuity. ​