UAE: Bank to approve loans up to Dh5 million within 5 days to SMEs, start-ups

UAE: Bank to approve loans up to Dh5 million within 5 days to SMEs, start-ups

The service is the first of its kind in the country

By WAM Published: Mon 29 Aug 2022, 11:39 PM Last updated: Mon 29 Aug 2022, 11:50 PM

Emirates Development Bank (EDB), the key financial engine of the UAE’s economic diversification and industrial transformation agenda, has announced a new lending feature that allows small and medium enterprises (SMEs), and start-ups, to apply for loans of up to Dh5 million 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. Its introduction marks a major milestone in the enhancement of access to finance for SMEs and further simplifies the ease of doing business in the country.

The lending service will be available for UAE-based SMEs and start-ups operating in one of EDB’s five priority sectors, which are: manufacturing, healthcare, food security, advanced technology, and infrastructure. It is available on various tenors of up to 60 months.

These can be availed through EDB’s Digital Banking App, powered by leading UAE-based fintech YAP — enabling SMEs and start-ups to kick-start their businesses by providing a business bank account and an IBAN number within 48 hours,