Emirates Development Bank launches SMEs financing to support Emirati entrepreneurs
The launch of financing products for small and medium-sized enterprises (SMEs), owned and operated by UAE nationals, in support of the economic and social development, taking place in the United Arab Emirates has been announced.
Approximately AED1 billion has been allocated to finance national businesses for 2018-2019, according to HE Obaid Humaid Al Tayer, Minister of State for Finance and Chairman of the Board of Directors of Emirates Development Bank.
Al Tayer said, “Small and medium-sized enterprises (SMEs) are two of the most important cornerstones of the UAE’s national economy, as they play a vital role in its progress and prosperity. This highlights the role of Emirates Development Bank, as it offers banking solutions and financial services that are tailored for the growth and development of small and medium-sized enterprises.”
HE Obaid Humaid Al Tayer added that Emirates Development Bank provides UAE Nationals with a comprehensive set of innovative products that are designed to support national businesses and Emirati entrepreneurs, including sales and receivable financing, business expansion loan and project financing, asset backed financing and purchase financing.
He also highlighted Emirates Development Bank’s objective in becoming the preferred banking destination for Emirati entrepreneurs in helping them achieve their growth and development goals through banking solutions and financial services set to meet their requirements. The bank finances up to 80 per cent of fixed assets and purchases, with attractive interest rates, flexible tenors, and convenient instalments.
Emirates Development Bank seeks to contribute to the country’s journey in economic transformation through the establishment of strategic partnerships with local and federal authorities. The objective is to unlock the potential of UAE nationals and enable them to be a driving force of the UAE’s economic development through small and medium enterprises and enable job creation. Small and medium-sized enterprises introduce new and innovative business models to the country, which reinforce the development of a sustainable, national economy, strengthen its regional and global competitiveness and accelerate transformation towards a knowledge-based economy. These benefits are in line with the National Agenda and contribute to the fulfilment of the UAE Vision 2021 through the national index that the contribution of the SME sector to the nation's non-oil GDP must reach 70 per cent by 2021.
Emirates Development Bank’s customers access their accounts and perform their banking operations anywhere and always through the EDB SMART application, offering easy and secured setups for a wide range of services.