Within the framework of an agreement signed by "Dubai Culture" with the Bank

Dubai Commercial provides financing for creative projects up to two million dirhams without guarantee

During the signing of the Partnership and Cooperation Agreement.

From the source

Dubai Culture and Arts Authority (Dubai Culture) has signed a cooperation and partnership agreement with Commercial Bank of Dubai, through which owners of creative small and medium enterprises can benefit from the smart banking solutions provided by the bank, to meet their financing needs and develop their businesses, making Dubai Commercial the first A bank in Dubai that offers exclusive facilities and benefits to talents and the creative community.

The facilities include unsecured loans of up to two million dirhams.

A statement stated that this step is in line with Dubai Culture's strategy in supporting creators and creative industries, with a view to strengthening the creative economy in the emirate, and consolidating its position as the capital of the creative economy in the world.

open accounts

Under the agreement with Commercial Bank of Dubai, small and medium business owners in the creative field in Dubai will be able to open accounts with the bank without any minimum balance, with easy and convenient procedures, and obtain preferential rates on local and international transfers, and on foreign currencies, in addition to obtaining a ledger Free checks.

Credit card

Registered members with Dubai Culture will also be able to obtain a free business credit card for life from the bank, with a credit limit of up to 250,000 dirhams, and free online banking services, characterized by the service of paying the salaries of their employees through the wage protection system, and other transaction features. carried out in real time.

Features also include: free debit card access, unique digital cash management products and services, dedicated relationship managers, financing services, quick and easy business loans with a special 50% discount on loan transaction fees, as well as asset-backed lending solutions.

financing facilities

Creative entrepreneurs registered with Dubai Culture will receive exclusive financing facilities that include unsecured loans of up to two million dirhams, with flexible payment options up to 48 months, low interest rates, and quick approvals granted within 48 hours of submitting the application.

The facilities also include quick commercial loans with a guarantee of sales returns to retail and online companies, amounting to one million dirhams, where loan payments can be easily repaid through monthly installments of sales proceeds collected from points of sale.

A destination for creators

Hala Badri, Director-General of Dubai Culture, confirmed that the authority is constantly working to consolidate its strategic partnerships with the government and private sectors in the emirate, in order to provide support to the creative community and provide facilities to owners of emerging and innovative creative projects.

In turn, General Manager of the Retail Banking Group at Commercial Bank of Dubai, Amit Malhotra, said: “We are proud of our partnership with Dubai Culture and Arts Authority, to help owners of creative small and medium enterprises obtain the support they need to accelerate the growth of their business, and ensure the development and prosperity of the creative sector in Emirate.”

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