Home News UAE: Banks to approve loans of up to Dh5m to SMEs and start-ups in 5 days – News

UAE: Banks to approve loans of up to Dh5m to SMEs and start-ups in 5 days – News

by Dubai Forum
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This service is the first of its kind in China

Photo: WAM

Photo: WAM

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Posted: Monday, August 29, 2022 at 11:39 pm

Last update time: Monday, August 29, 2022 at 11:50 pm

The UAE Development Bank (EDB), a key financial engine of the UAE’s economic diversification and industrial transformation agenda, has announced a new lending feature that allows small and medium enterprises (SMEs) and start-ups to apply for loans of up to Dh5 million directly through its digital banking app and receive approval or feedback within five days.

The service, in partnership with peer-to-peer (P2P) lending platform ‘Beehive’, is the first of its kind in the UAE. Its launch marks an important milestone in enhancing access to financing for SMEs and further simplifies the ease of doing business in the country.

The loan service will be available to UAE SMEs and start-ups operating in one of EDB’s five priority sectors: manufacturing, healthcare, food safety, advanced technology and infrastructure. It applies to various terms up to 60 months.

These are available through EDB’s digital banking app, powered by leading UAE fintech YAP – enabling SMEs and start-ups to launch their businesses by providing a business bank account and IBAN number within 48 hours, Then provide a comprehensive range of fast, secure and 24/7 banking services.

Commenting on the partnership, Ahmed Mohamed Al Naqbi, CEO of EDB, said: “It is clear that getting financing quickly is one of the biggest challenges for SMEs and start-ups. Through EDB’s partnership with Beehive, our new lending service will be Provide fast and efficient loans of up to AED 5 million to SMEs and start-ups through our digital banking app.

“SMEs play an important role in the UAE’s vision of becoming a diversified economy. They also help shape the UAE as a global investment hub,” he added.

“We are always looking to work with fintech companies and financial partners to simplify the financing process for SMEs and allow quick and easy access to financial services from banks. Our new initiative marks an important milestone for EDB and is in line with our A new initiative strategy to support small businesses operating in our priority sectors,”

Craig Moore, founder and CEO of Beehive, commented: “Our partnership with EDB is key to increasing access to finance for SMEs, boosting growth and providing more opportunities. Combined with our market-leading products, this partnership aims to in easing the financial burden on business owners and promoting inclusive economic prosperity for UAE SMEs.”

Masood Khan, CEO of YAP UAE, said the service highlights the evolution of bank lending. “Our partnership with EDB demonstrates how we can reimagine and modernize our commercial lending proposition, provide new opportunities for SMEs and drive profitable growth.

By assisting the entire SME ecosystem and community, YAP and EDB are pure digital SME lending players – focused on customer needs, innovative product features and faster results. “

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