Via his digital banking app
Emirates Development allows small businesses to request financing up to 5 million dirhams
Ahmed Al Naqbi: "Small and medium enterprises form the backbone of the UAE economy."
The Emirates Development Bank announced yesterday a new service that allows small, medium and emerging companies to apply for financing up to five million dirhams directly on its digital banking application, and receive approval or response within five days.
In a statement, the bank said that this service is the first of its kind in the country, and is offered in partnership with the Beehive financial technology platform specialized in crowdfunding.
He explained that the service will be available to small, medium and emerging companies based in the UAE, and working in one of the five priority sectors of the Emirates Development Bank, which are industry, health care, food security, advanced technology and infrastructure, noting that the companies that obtain financing, will benefit from Repayment periods of up to 60 months.
The bank stated that the new service adds an important dimension to its digital banking application, which is operated by the “YAP” company working in the field of financial technology in the UAE, as the application enables small and medium-sized companies and emerging companies to enhance their business by providing a commercial bank account And the “IBAN” number within 48 hours, and then get a comprehensive set of fast and secure banking services around the clock.
Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, said: “Through our partnership with (Beehive), our financing service will provide SMEs and start-ups with fast and effective access to financing of up to five million dirhams through our digital banking application.”
Al Naqbi added that small and medium-sized companies form the backbone of the UAE economy, and are among the strategic drivers of industries in the country, and they play a major role in consolidating the UAE's position as a global investment center.
For his part, the founder and CEO of Beehive, Craig Moore, said, "Our partnership with the Emirates Development Bank allows small businesses in the UAE to increase their ability to access funding sources, enhance their growth and create business opportunities."
In turn, the CEO of YAP Emirates, Masoud Khan, confirmed that the new service highlighted the development of financing mechanisms in the Emirates Development Bank.
Finance
The Emirates Development Bank is dedicating its efforts to empowering SMEs through direct or indirect financing, including the Finance Guarantee Program offered in partnership with nine commercial banks, which approved more than 332 million dirhams of capital financing for SMEs between April 2021 and April 2022, targeting Providing credit guarantees worth five billion dirhams by 2026. The Emirates Development Bank’s digital solutions ensure access to safe and comprehensive services that support the operations of entrepreneurs and business owners.
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