Emirates Development Bank (EDB), a key financial enabler for 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 secured loans of up to AED 5 million (USD 1.3 million) and unsecured loans up to AED 2 million directly through its Digital Banking App and receive approval or feedback within five business days.
The lending service, in partnership with Beehive, is the first peer-to-peer (P2P) lending platform in Mena, signifying a foremost milestone to enhance access to finance for SMEs and further simplify the ease of doing business in the country.
Emirates Development Bank is a frontrunner in driving sustainable growth in the UAE’s economy
Emirates Development Bank (EDB) is a front-runner in driving sustainable growth in the UAE’s economy and building competitiveness across key sectors. The company expands its SME funding support to nationals and residents who own and manage businesses across manufacturing, healthcare, infrastructure, food security and technology.
Furthermore, these can be availed through EDB’s digital banking app, powered by leading UAE-based fintech YAP, enabling SMEs and start-ups to revitalise their businesses, by providing a business bank account and an IBAN number within 48 hours and offering a comprehensive range of fast, secure, and on-the-go digital banking services.
Noting on the partnership, Ahmed Mohamed Al Naqbi, Chief Executive Officer of EDB said that swift access to finance is one of the greatest challenges that SME’s and startups cope with. Through EDB’s partnership with Beehive, their newly launched lending service will offer SMEs and startups instant and effective access to loans of up to AED 5 million through their digital banking app.
SMEs play a significant role in the UAE’s vision in becoming a diversified economy and help shape the UAE as a global investment hub. Emirates Development Bank (EDB) is constantly looking to collaborate with financial partners and fintech companies to allow for quick and easy access to the bank’s financial services and ease the financing process for SMEs. The bank’s new initiative marks a major milestone for EDB and is in line with their new strategy, supporting small businesses that operate across their priority sectors, Al Naqbi added.
Craig Moore, Founder and Chief Executive Officer of Beehive, stated that the company’s partnership with Emirates Development Bank is key to increasing the accessibility of financing to SMEs, enabling growth, and providing additional opportunities. Integrated with their market-leading products, this partnership aims to ease financial burden for business proprietors, facilitating inclusive economic prosperity for SMEs across the UAE.
Masood Khan, YAP UAE CEO, stated that the service emphasised the evolution of bank lending. YAP’s partnership with EDB demonstrates how the company is reimagining and revolutionising their business-lending proposition, providing new opportunities for SMEs, and promoting profitable growth. By supporting the entire SME ecosystem and community, YAP and EDB are purely digital SME-lending players, focusing on customer needs, innovative product features and quicker outcomes.