It is authorized to lend .. and links companies wishing to obtain financing with investors
"Beehive" ... a financial platform that allows "secured" investment in startups
"Beehive" provides an opportunity for institutions or individuals to reap rewarding investment returns.
Photography: Ashok Verma
Saeed Al-Marri: “(BeeHive) offers an innovative solution to provide crowdfunding, by providing an opportunity for investors to support emerging projects.”
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The Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development, one of the Dubai Economic Institutions, has stated that the innovative "Behav" platform provides an opportunity for institutions or individuals wishing to invest in emerging companies, to reap rewarding investment returns, and to encourage relatives and friends to financially support the projects of their relatives, and earn profits. In return for their participation in financing these projects, with a guarantee from the Foundation itself, in order to stimulate economic growth, and to help this important segment of companies develop and consolidate their foundations.
The Foundation stated in a statement issued yesterday that Dubai-based BeeHive is the first financial technology platform authorized to engage in peer-to-peer lending activity in the Middle East and North Africa, and is registered with the Dubai Financial Services Authority, in Dubai International Financial Center.
The platform uses innovative technology to connect companies seeking fast, affordable financing with investors who can help finance their growth.
Chance
"Beehive" represents a unique opportunity for investors, whether individuals or companies, by registering and opening a free account on the platform.
After registration, the investor's account and data, his credit account, and whether or not he is a real investor are audited, with the aim of preventing any fraud, or avoiding the entry of fictitious investors.
The investor is not required to hold a residence permit in the UAE.
The minimum investment through the platform is 100 dirhams, so the investor can choose the loan or company he wishes to invest in, while the expected annual returns and profits for the investor reach about 10% of the investment value, and it depends on the length of the loan if it is for a period of 12 months Or 24 months or 36 months.
Profits are deposited into the investor's account on a monthly basis, and the investor can withdraw his investment at any time, provided that it is not linked to a valid loan.
In the event of contributing to a specific loan, the investor can put his investment for sale, or wait until the loan repayment period ends, and the investor is also allowed to contribute to more than one loan at the same time.
One million dirhams
Small and medium enterprises in Dubai, wholly owned and managed by Emiratis, can obtain financing of up to one million dirhams, backed by a 100% capital guarantee, financed by the Mohammed bin Rashid Fund to Support Small and Medium Enterprises (the Fund), from the 20% guarantee program. One million dirhams, while small and medium enterprises in Dubai, owned and managed by Emiratis with a minimum rate of 50%, can obtain financing of up to 420,000 dirhams, provided that they receive a 50% capital guarantee.
The guarantee provided by the "fund" contributes to motivating investors to participate in lending and support small and medium-sized companies, so that in the event that a specific company fails to pay, the fund takes care of the capital and returns the amounts to the investors, and the evaluation of the company applying for the loan increases once it is supported. By the fund, which enhances the confidence of individual or corporate investors in it.
Postponement of payment
In addition, in the event that the loan is of a short-term type, the update allows all companies eligible for this financing to delay payment for a period of three months at the beginning of the loan period, followed by the payment of payments according to a specific schedule.
In the case of a working capital loan, the repayment period is 150 days, and the profit rate on the loan is about 0.8% per month, giving investors attractive returns.
It is noteworthy that the capital guarantee includes only short-term loans and does not include the working capital loan.
Financing solutions
Saeed Matar Al Marri, Deputy Executive Director of the Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development, said: “We are committed in the Mohammed bin Rashid Foundation for Small and Medium Enterprises Development to provide and make available innovative financing solutions for small and medium enterprises, in line with the directives of the wise leadership on the necessity of providing the appropriate environment to support business continuity. And small and medium-sized companies in particular, which constitute the majority of companies operating in the emirate.
He added that the "BeeHive" platform provides an innovative solution to provide crowdfunding, by providing the opportunity for investors to participate in supporting emerging projects, in a safe and secure manner, which in turn benefits and promotes growth for enterprises and investors alike.
4 features of the platform
The Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development stated that the Beehive platform has four advantages, which are the following:
1- Individuals or companies can register for free, and start investing with a minimum of 100 dirhams.
2- The investor wishing to enter the platform is subject to audit procedures to prevent fraud.
3- 100% financing of one million dirhams for projects owned and managed by citizens with full capital guarantee.
4- Financing of 420 thousand dirhams for projects owned and managed by citizens at a rate of 50% with a capital guarantee of 50%.
Register
Small and medium enterprises can benefit from the "Beehive" platform, by logging into the website: (www.beehive.ae) and registering there.
The company applying for the loan is required to provide a bank statement, the personal data of the real beneficiary, in addition to its audited financial information.
In the event that it passes the immediate test and evaluation, the offer of the loan value that the company can obtain, the profit return resulting from it, and the period during which the payment must be paid, is presented, then the company applying for the loan submits the application.
The offer of the loan is put on the platform to make it available to investors, within two to five working days, so that the amount can be collected and contributed by individual or corporate investors.
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