We use cookies and similar technologies that are necessary to operate the website. Additional cookies are used to perform analysis of website usage. By continuing to use our website, you consent to our use of cookies. For more information, please read our Cookies Policy.

Closing this modal default settings will be saved.

Emirates Development Bank of UAE to approve a loan of DH 5 million within 5 days to SMEs and start-ups

Owner's Profile

Staff Writer, TLR

Published on July 14, 2023, 17:41:00

79

Emirates, Dubai, UAE, startup, EDB, law

Emirates Development Bank (EDB) the major financial pillar of the UAE’s economic growth and industrial transformation, is introducing a new lending feature that allows small and medium enterprises (SMEs) as well as 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 lending service will be available for the UAE-based small medium enterprises (SMEs) and start-ups operating in one of EDB’s five priority sectors: manufacturing, healthcare, food security, advanced technology, and infrastructure and is available on various tenors of up to 60 months and it can be availed through EDB’s Digital Banking App, powered by leading UAE-based fintech YAP.
This service, in partnership with peer-to-peer (P2P) lending platform Beehive, aims to simplify the ease of doing business in the UAE.
This initiative enables SMEs and start-ups to initiate their businesses, by providing a business bank account and an IBAN within 48 hours and further offering a comprehensive range of fast, secure, and round-the-clock banking services.
Ahmed Mohamed Al Naqbi, CEO of EDB, said that EDB fills a critical gap in the market by providing financing solutions to all companies with a proven potential to contribute to the sustainable development of the UAE. 
He further said that swift access to finance is one of the biggest challenges that SMEs and start-ups face and this partnership of EDB Beehive will now offer SMEs and start-ups quick and efficient access to loans of up to Dhs5m through their digital banking app 
He further added that they were looking to collaborate with fintech companies and financial partners to ease the financing process for SMEs and allow for quick and easy access to the bank’s financial services and this new initiative marks a major milestone for EDB and is in line with their new strategy, supporting small businesses that operate across our priority sectors.
Craig Moore, founder, and CEO of Beehive stated that their partnership with EDB will be the key factor in increasing the accessibility of financing to SMEs, enabling growth and providing more opportunities. Combined with their market-leading products, this partnership aims to ease the financial burden for business owners, facilitating inclusive economic prosperity for SMEs across the UAE.
Masood Khan, YAP UAE CEO, commentated that their partnership with EDB showcases how they are reimagining and modernizing our business-lending proposition, providing new opportunities for SMEs and promoting profitable growth. By assisting the entire SME ecosystem and community, YAP and EDB are purely digital SME-lending players, focusing on customer needs, innovative product features, and outcomes. 

For any enquiries or information, contact info@thelawreporters.com or call us on +971 52 644 3004 

Comments