It is one of the most important and most useful and best financing programs, announced by the Ministry of Economy and the Emirates Development Bank, which is dedicated to 100% UAE-owned companies, managed by Emiratis who are members of the National Program for SMEs. This is one of the most important and vital demands that hindered the entry of Emiratis into the private sector as entrepreneurs and entrepreneurs, not as employees in simple jobs and professions.

Expected to benefit from this program up to 1700 companies and originates from the UAE small and medium, and is currently a member of the «National Program for Small and Medium Enterprises», which is certainly a good number, although our ambition to be much more, and the huge market in size and financial output It can double that figure, but in any case it is a positive step in the right way.

Emirates Development Bank (EDB) announced that it will grant the program member Emirates a preferential interest rate of 1% less than the average interest rate of the product for the rest of the other companies, in addition to reducing the commission of the loan guarantee program for the program members, to start financing from AED 300 thousand to AED 30 million. Absolutely that this figure is very appropriate, and is enough to implement distinct and successful projects and high economic return, especially if studied and implemented properly.

This program came at a very timely time, as we need to support the UAE youth to enter the various sectors of production as entrepreneurs and entrepreneurs, and to move away from the government job as much as possible, and it will contribute effectively to remove one of the main obstacles facing these youth, namely They are not lacking in ideas, creativity, lack of enthusiasm or responsibility, but lacking the appropriate funds to convert their ideas into productive projects. J.

The bank's financing starts from AED 300,000 to AED 2 million for startups, from AED 1 million to AED 5 million for small businesses, and from AED 5 million to AED 30 million for medium-sized companies, which means it is able to cover various types of projects and is able to convert Small ideas into real economic projects that can grow into big projects, all with 100% Emirati hands.

reyami@emaratalyoum.com

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