The Emirates Development Bank launched a new service that allows small, and medium enterprises (SMEs) to apply for up to 5 million dirhams ($1.3 million) in financing via the bank’s digital app and receive approval or feedback within 5 days.
The service, in partnership with peer-to-peer (P2P) lending platform “Beehive”, is the first of its kind in the UAE, marking a major milestone to enhance access to finance for SMEs and further simplify the ease of doing business in the country.
The lending service will be available for UAE-based SMEs and startups operating in one of EDB’s five priority sectors, which are manufacturing, healthcare, food security, advanced technology, and infrastructure, and is available on various tenors of up to 60 months.
Moreover, these can be availed through the EDB Digital Banking App, powered by leading UAE-based fintech YAP, enabling SMEs and startups to kick-start their businesses, by providing a business bank account and an IBAN number within 48 hours and then offering a comprehensive range of fast, secure, and round-the-clock banking services.
EDB has been empowering SMEs through direct or indirect financing. Between April 2021 and April 2022, the bank launched the Finance Guarantee Program in collaboration with nine commercial banks, approving over 332 million dirhams of capital financing for SMEs, with a target of 5 billion dirhams in credit guarantees by 2026.