In keeping with their strategic alliance, Funding Souq (FS) and Sharjah Media City (Shams) have raised approximately Dh10 million through a special programme intended to lend to approved small- and medium-sized entrepreneurs and projects associated with Shams. To further support the expanding business community, the initiative is anticipated to reach Dh35 million in the near future. The programme’s 100th loan was distributed this year.
A strategic collaboration agreement was inked between Shams and FS last year to increase assistance for creative media entrepreneurs and offer new finance options for small and medium-sized businesses. According to the agreement, FS refers current or potential borrowers to Shams so they can take advantage of its many facilities, while Shams prepares the path for businesses in need of facilities to acquire loans and funding through it.
Dr Khalid Omar Al Midfa, Chairman of Sharjah Media City (Shams), stated that the organisation is committed to creating an environment that supports entrepreneurship, innovation, and creative thinkers in the fields of media and creative industries, in line with the visions and directives of His Highness Dr Shaikh Sultan Bin Mohammad Al Qasimi, Member of the Supreme Council and Ruler of Sharjah. Shams continuously strives to create new opportunities for individuals in the community and launch programmes that support small and medium-sized start-ups and projects.
Based on the total value of growing investments and the number of businesses that have benefited from the programme, Al Midfa emphasised that the strategic partnership with FS, which aims to fund promising projects and boost their growth, has proven to be exceptionally successful in the past.
According to Martin Jauone, CEO of Funding Souq, their collaboration with Shams has significantly accelerated the lending process by giving investors a return of over 10 per cent with virtually no risks.
He added that he was happy to have collaborated with Shams to develop an original investment environment and a system of economics that supports authorised small- and medium-sized businesses and creative media initiatives.
Launched in the UAE in 2020, FS provides customisable financing solutions with terms ranging from 3 to 24 months. More than 70 commercial loans have been funded under the programme to date, contributing more than Dh10 million to the local economy and promoting the expansion of small- and medium-sized businesses.