By Leandra Monteiro
- Credit score
- Digital Loan
Emirates Development Bank (EDB), a key financial engine of the UAE’s economic diversification and industrial transformation agenda, has announced a new lending feature that allows SMEs and startups to apply for loans of up to $5 million. ‘AED directly through its digital banking app and receive approval or feedback within five days.
The service, in partnership with peer-to-peer (P2P) lending platform Beehive, is the first of its kind in the UAE, marking an important step in improving access to finance for SMEs and further simplifying the ease of making loans. business in the country. .
Commenting on the partnership, Ahmed Mohamed Al Naqbi, Managing Director of Emirates Development Banksaid “EDB fills a critical gap in the market by providing financing solutions to all businesses with proven potential to contribute to the sustainable development of the UAE. It is clear that quick access to finance is one of the most challenges faced by SMEs and startups.Through EDB’s partnership with Beehive, our new loan service will provide SMEs and startups with fast and efficient access to loans of up to AED5 million through our banking app digital.
The loan service will be available to UAE-based SMEs and start-ups operating in any of EDB’s five priority sectors – which are manufacturing, healthcare, food safety, advanced technology and infrastructure – and is available for different durations up to 60 months. . Additionally, these can be redeemed through EDB’s digital banking app, powered by UAE-based FinTech YAP. It allows SMEs and start-ups to start their activity, by providing a professional bank account and an IBAN number within 48 hours, then by offering a complete range of fast, secure and 24-hour banking services.
Al Naqbi added, “SMEs play an important role in the UAE’s vision of becoming a diversified economy and contribute to making the UAE a global investment hub. We are constantly looking to collaborate with fintech companies and financial partners to facilitate the financing process for SMEs and enable quick and easy access to the bank’s financial services. Our new initiative marks an important milestone for Emirates Development Bank and is in line with our new strategy, which supports small businesses operating in our priority sectors.
Craig Moore, Founder and CEO of Beehive said, “Our partnership with EDB is key to increasing access to finance for SMEs, enabling growth and providing more opportunities. Combined with our market-leading products, this partnership aims to ease the financial burden on business owners, facilitating inclusive economic prosperity for SMEs across the UAE.
Masood Khan, CEO of YAP UAE said, The service highlighted the evolution of bank lending. “Our partnership with EDB shows how we are reimagining and modernizing our business lending offering, providing new opportunities for SMEs and driving profitable growth. Helping the entire SME ecosystem and community, YAP and EDB are pure digital SME lenders, focusing on customer needs, innovative product features and faster results. We are pleased to be spearheading the evolution of the lending business model through the deep digitization and automation of the lending process and creating a fully integrated offering that goes beyond traditional banking services.
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