The Social Development Bank launches the credit rating for microfinance intermediaries in the non-profit sector

The Social Development Bank launched the credit rating service for microfinance intermediaries and productive families working in the non-profit sector, as one of the means to develop and motivate its partners to improve performance and raise the efficiency of managing financing portfolios, as well as raising productive families’ awareness of the importance of regular repayment by following up on performance report indicators available on the national platform for families. The producer.

The bank was keen to launch the credit rating service out of its belief in the importance of this vital sector and the promising opportunities it holds for the target groups, and to contribute to its development and sustainability by providing an appropriate infrastructure and an encouraging business environment for its financing intermediary partners, and creating indicators to measure creditworthiness, aiming to increase awareness and raise awareness. Efficiency and building a credit record for financing intermediaries and productive families, which will reflect positively on the quality of outputs, ensuring that a wide segment of the intermediaries’ beneficiaries benefit and facing potential risks, as well as supporting the confidence of the beneficiaries of financing intermediaries who are owners of productive family projects or individuals.

This comes within one of the bank’s most important goals in working on the financial inclusion of target groups and ensuring the bank’s access to serving those groups that may not be included in the programs and services of various financing agencies due to solvency and financial capacity, as the Social Development Bank provided support and financing to micro-projects and productive families, which included a number of Financial and non-financial services were provided through development associations and microfinance partners in all regions of the Kingdom, including soft loans commensurate with the stages of growth of family activities, capacity building and training, in addition to introducing products to markets, business incubators and others. Since the assignment of the task of financing projects has reached an infinitesimal level. The bank financed more than 100,000 productive families with a financial value exceeding 1.3 billion riyals, through more than 145 financing intermediaries in all regions of the Kingdom, whom the bank seeks to enable them to carry out development work and build their capabilities to manage financing portfolios in accordance with controls and procedures. The bank launched the service of issuing productive family registration certificates through the National Platform for Productive Families with the aim of empowering productive families and transforming them into recognizable economic entities to enhance the reliability of their products and facilitate their access to the market. More than 60,000 productive family certificates were issued through the platform, and more than 60,000 productive family certificates were issued through the platform. From 85 governorates of the Kingdom to benefit from the financing services provided by the bank, the Social Development Bank has allocated the unified number 920033309 to provide services to productive families and financing intermediaries.