ADDED unveils ‘SME Finance Facilitator’ to boost growth

ADDED unveils ‘SME Finance Facilitator’ to boost growth

The Abu Dhabi Department of Economic Development (ADDED) has launched the “SME Finance Facilitator” programme, in partnership with the Emirates Classification Society “Tasneef” and support of Abu Dhabi Chamber of Commerce and Industry (ADCCI), and leading banks, to improve SMEs access to financial services and enable them to grow further and play a greater role in the sustainable development. The new initiative is part of ADDED’s ongoing efforts to enhance the business ecosystem for SMEs as a key driver of a vibrant, diversified, and sustainable economy. It is a result of research, analysis, and active engagements with SMEs, financial institutions, and other stakeholders to address challenges facing SMEs. The “SME Finance Facilitator” programme is designed to improve access to financial services by facilitating the process for opening bank accounts and accessing credit facilities to support working capital needs and long-term growth. The programme will assign financial facilitators to assist in understanding financial health checks, preparing financial and non-financial requirements, and fostering trust between SMEs and financial institutions, leading to a transparent communication and collaborative credit assessment. Working closely with participating banks, the assigned financial facilitator will also support qualified Abu Dhabi-based SMEs with preferential rates and fees for banking services and products. Small and