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FinancialNews
07-09-21
Saudi SMEs borrowing increases in 1Q of 2021
(MENAFN) In the January-March period of 2021, SMEs borrowing rose as they invested to recover from the pandemic, and as they suffered debt due to the Covid-19 lockdown, restrictions.
The amount of credit awarded to SMEs rose by 39.74 percent amid the first three months of 2020 and the first three months of 2021, showed the latest statistics by the Saudi Central Bank.
In addition, the amount of borrowing by SMEs stood at SR188.42 billion (USD50 billion), increased from SR134.84 billion in the January-March period 2020 and SR113.17 billion in the same period of 2019.
The medium-sized enterprises were the top beneficiaries of the government subsidies and their revenues hoovered amid SR40 million and SR200 million. Medium enterprises are classified as those with 50-249 employees.
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