Abu Dhabi Commercial Bank launches loans range

ADCB LOANS: New range from Abu Dhabi Commercial Bank aimed at businesses looking to meet working capital requirement. (Getty Images)

Abu Dhabi Commercial Bank (ADCB) has announced the launch of three new loan products targeted at SME (Small & Medium Enterprise) customers.

Last year, the bank brought out 'BusinessEdge', which included five transaction banking packages.

The products now being launched include "BusinessEdge Insta Loan", an unsecured credit facility up to 500,000 dirhams enabling small businesses to meet working capital and term loan requirements.

The bank is also launching commercial vehicle and construction equipment loans to fund purchases from leading manufacturers.

As part of the new lending offerings the bank has also launched Enterprise Credit - a working capital solution allowing SME customers credit up to 5 million dirhams for short term and regular working capital needs (including trade finance facilities).

These products will be available through dedicated SME Centres located in Abu Dhabi, Al Ain, Dubai and Sharjah.

Customers will also be able to register their interest through phone-banking and via text messaging. They will then be contacted by SME relationship managers to provide further information to assist the application process,

ADCB spokesman Colin Fraser, said: "Worldwide, SMEs form the backbone of any economy providing the bulk of employment and contributing maximum share of the exports.

''While an estimate of the number of SME entities in the UAE varies, we continue to see strong uptake of our offerings to this segment even during the current economic downturn. Hence, our decision to launch these products to re-enforce our commitments to this business sector.''

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