Abu Dhabi: Emirates Development Bank (EDB) has announced a new lending feature that allows SMEs and startups to apply for loans of up to Dh5 million directly through its digital banking app and receive approval or feedback within five days.
The lending service will be available for UAE-based SMEs and startups operating in one of EDB’s five priority sectors -- manufacturing, healthcare, food security, advanced technology, and infrastructure -- and is available on tenors of up to 60 months.
“It is clear that swift access to finance is one of the biggest challenges that SMEs and startups face. Through EDB’s partnership with (peer-to-peer lending platform) Beehive, our newly launched lending service will offer SMEs and startups quick and efficient access to loans of up to Dh5 million through our digital banking app,” said EDB CEO Ahmed Mohamed Al Naqbi.
“SMEs play an important role in the UAE’s vision in becoming a diversified economy and help shape the UAE as a global investment hub. We are continuously looking to collaborate with fintech companies and financial partners to ease the financing process for SMEs and allow for quick and easy access to the bank’s financial services.”
Craig Moore, Founder and CEO of Beehive, said: “Our partnership with EDB is key to increasing the accessibility of financing to SMEs, enabling growth and providing more opportunities. Combined with our market-leading products, this partnership aims to ease financial burden for business owners, facilitating inclusive economic prosperity for SMEs across the UAE.”
