UAE: New SME/Start Up Loan Scheme

United Arab Emirates News developments

UAE: New SME/Start Up Loan Scheme

Khaleej Times, 29 August 2022: The Emirates Development Bank has announced a new scheme which will allow SMEs and start-ups to apply for loans of up to 5 million AED directly through their Digital Banking App and receive approval or feedback within five days.

The service, is being carried out in partnership with the peer-to-peer (P2P) lending platform Beehive. The service will be available for UAE-based SMEs and start-ups operating in one of the development bank’s five priority sectors. These are manufacturing, healthcare, food security, advanced technology, and infrastructure. These loans will be available on various tenors of up to 60 month.

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Benjamin Filaferro