Emirates Development Bank to approve loans to SMEs and startups of up to AED5mln within five days

Emirates Development Bank to approve loans to SMEs and startups of up to AED5mln within five days

Abu Dhabi, UAE – 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 SMEs and startups to apply for loans of up to AED5 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, marking a major milestone to enhance access to finance for SMEs and further simplify the ease of doing business in the country.

The lending service will be available for UAE-based SMEs and startups operating in one of EDB’s five priority sectors - which are manufacturing, healthcare, food security, advanced technology, and infrastructure - and is available on various tenors of up to 60 months. Moreover, these can be availed through EDB’s Digital Banking App, powered by leading UAE-based fintech YAP. It enables SMEs and startups to kick-start their businesses, by providing a business bank account and an IBAN number within 48 hours and then offering a comprehensive range of fast, secure, and round-the-clock banking services.

Commenting on the partnership, Ahmed Mohamed Al Naqbi, Chief Executive Officer of EDB,