Emirates Development Bank and Emirates NBD reach agreement on SME credit guarantee program
As part of the MoU, EDB will provide funding guarantee coverage of up to 50% of the amount of the facility loaned to SME customers by Emirates NBD, subject to a maximum of AED 5 million for large SMEs and up to AED 500,000 for small clients. The Credit Guarantee Program provides a strong platform for Emirates NBD and EDB to improve lending to SMEs with a focus on priority sectors such as manufacturing, healthcare, infrastructure, food security and technology.
Speaking on the occasion, Ahmed Mohamed Al Naqbi, Managing Director of EDB, said: âEDB is pleased to sign the Memorandum of Understanding with Emirates NBD as part of our efforts to support the country’s economic diversification plans. and close the financing gap of SMEs operating in priority sectors in the United Arab Emirates. Together with Emirates NBD, we look forward to facilitating access to financial sources for SMEs, supporting the UAE’s goals of building a strong knowledge-based economy and contributing to sustainable economic development. “
Shayne Nelson, CEO of Emirates NBD Group, âAs a leading bank in the country, Emirates NBD has always championed the needs of local SMEs that contribute to the UAE economy. We are delighted to partner with EDB on our long term project. , a strategic commitment to foster the growth of small businesses in the UAE through appropriate and timely financial support, enabling more entities to easily access credit to grow their businesses. “
The MoU is aligned with EDB’s recently unveiled strategy, offering direct and indirect loans for SMEs (Supply Chain, Project and Long-term Finance), an investment arm for startups and SMEs (accelerator , equity financing, business growth funds) as well as advisory services to entrepreneurs, startups and small businesses (coaching, consulting, mentoring, market research).
Emirates NBD offers a full range of SME banking services, including transactional banking, cash management, funded and unfunded facilities, working capital financing, as well as foreign exchange, insurance and banking services. investment.
Customers can also benefit from loans against receivables or point-of-sale properties where there is no requirement for audited financial data. The bank’s state-of-the-art smartBUSINESS online platform offers customers a wide range of transaction and payment capabilities.
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