The Saudi Credit and Savings Bank has decided to reduce the regulatory age for persons who want to obtain a loan to 18 instead of 21, reported Al-Hayat newspaper Saturday. Those who intend to apply can do so through the National Entrepreneurship Institute (Riyadah). The bank has also increased the ceiling for loans from SR200,000 to SR300,000. Muhammad Al-Khaled, Director of Riyadah in Jeddah, said the bank approved the measure to assist young people who want to enter the world of business. The application is made through the institute and is then submitted to the bank. The bank pays the loan directly to the applicant if the conditions are met, he said. He said that admission to Riyadah, a non-profit training center that helps young men and women start their own small and medium-sized projects, will open during this week in 22 branches across the Kingdom. A young man or woman who wants to enroll chooses the branch based on where he or she lives or where his or her project is to be set up. The institute's program is three weeks during which a trainee, who must pass an interview and has met the conditions, draws up a plan for his project under the supervision of specialists and experts from the institute. The institute trains, gives advice, offers consultation and guidance, helps them get the required funding and facilitates government procedures. The institute comprises members from the bank, the Technical and Vocational Training Corporation (TVTC) and the Human Resources Development Fund, and has an independent administration.
