SHARJAH, 13th March, 2023 (WAM) — The Sharjah Chamber of Commerce and Industry (SCCI), represented by the Sharjah Exports Development Center, hosted a business meeting in collaboration with the Emirates Development Bank, targeting investors in the industrial sector.
The event aimed to discuss financing solutions, services, and benefits available to investors, as well as the procedures involved in securing financing from the bank.
The gathering provided attendees with an opportunity to learn about the resources and support available to businesses and entrepreneurs in the industrial sector. Representatives from various industrial companies in Sharjah who are members of the Chamber, as well as officials from the Emirates Development Bank and Sharjah Chamber, attended the meeting.
During the meeting, Shaker Zainal, Chief mSMEs Officer at Emirates Development Bank, presented an overview of the industrial sectors that are eligible for financing by the bank. He shed light on various support mechanisms available to small and medium-sized companies, which are in accordance with the best standards, and aimed at developing and stimulating economic growth for these companies.
The Emirates Development Bank showcased a range of financial and non-financial support solutions available to investors, including its digital banking application. This app enables SMEs and startups to quickly open a bank account and receive an IBAN within 48 hours, providing access to a comprehensive range of secure and available banking services around the clock to meet business needs.
In addition, the bank has partnered with “Beehive: Peer-to Peer Lending Platform” to offer a digital financing service that allows SMEs to apply for financing up to AED 5 million directly through the app. Applicants can expect to receive approval or rejection within five days.
The bank’s product portfolio includes financing for capital expenditures, Fourth Industrial Revolution technologies, digitalisation, and clean energy. It also offers extended repayment and grace periods with a high ceiling for financing compared to the project value. The products are geared towards companies in the industrial, advanced technology, renewable energy, healthcare, and food security sectors. EDB offers financing for launching new facilities or expanding existing ones, specifically tailored for investors seeking to enter the UAE market.
The Sharjah Chamber of Commerce and Industry has praised the EDB for actively engaging with the private sector in the emirate and supporting companies in overcoming challenges through innovative financing solutions and support programmes. These efforts are particularly beneficial for small and medium enterprises (SMEs) and are viewed as strategic mechanisms to strengthen the country’s local production.