EDB Launches SMEs To Support Emirati Entrepreneurs
The Emirates Development Bank, EDB, has announced 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 UAE.
Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs and Chairman of the Board of Directors of EDB, said that approximately AED1 billion has been allocated to finance national businesses for 2018-2019.
“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,” Al Tayer said.
“EDB 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 added.
Al Tayer said that bank’s objective is becoming the preferred banking destination for Emirati entrepreneurs; and 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% of fixed assets and purchases, with attractive interest rates, flexible tenors, and convenient installments.
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