This funding aimed to boost economic development and sustain growth.

Small and startup businesses received SR606 million, while SR640 million went towards community empowerment, benefiting 12,000 citizens through various social programs.

In the fourth quarter of 2023, Saudi Arabia saw an increase of SR600 million in assistance for freelancers and productive families, benefiting 13,000 individuals.

The number of savings accounts also grew by 13,000, reaching a total of 245,000 with a balance exceeding SR525 million.

The Small and Medium Enterprises General Authority reported a 3.1% growth in SMEs, totaling 1.3 million establishments.

SMEs, which play a crucial role in income diversification and economic progress, experienced an 18% year-on-year surge in credit facilities during the third quarter of 2023.

The Saudi Central Bank reported a significant increase of SR40.54 billion in borrowing lines allocation for Small and Medium Enterprises (SMEs) between October 2022 and October 2023, totaling SR268.57 billion.

This growth is attributed to the government's efforts to support SMEs.

In January 2023, the Saudi Development Bank (SDB) signed 24 deals worth SR1 billion to aid entrepreneurs in various sectors, such as health, transportation, and logistics.

These agreements were inked during the Entrepreneurship and Modern Work Patterns Forum, aligning with Vision 2030's goals of reducing unemployment, increasing women's workforce participation, and expanding SMEs' contribution to 35% of the GDP by 2030.

Ibrahim Al-Rashid, CEO of SDB, announced last year that the bank would be entering into several deals to support entrepreneurship and small businesses in Saudi Arabia.

These deals aim to establish new financing, training, and qualification systems.

In 2021, SDB introduced training programs to help small businesses in the Kingdom, focusing on marketing and administration.

These courses provided opportunities for business owners to engage with local and international experts to discuss their growth plans.