One of the region’s leading banks has announced an array of new initiatives designed to help small and medium sized enterprises (SMEs) in the UAE.
Emirates NBD has introduced three separate schemes in a bid to improve the chances of success for SME success, including a credit guarantee scheme, a privileges programme, and a support system.
The privileges programme, entitled Rewards & Beyond, will provide a suite of products and solutions for SMEs which go beyond the banking experience.
SME’s using the bank’s Business Banking services, will have access to benefits from more than 80 brands across the UAE until 30 June 2014, giving business owners discounts on numerous products and services. These include printing and stationary, retail, logistics, event management, marketing, and more.
Emirates NBD’s second new initiative is RISE – a scheme which will provide SMEs within the UAE with a platform to learn, network, and grow their businesses. Offering various levels of support, SME owners will have access to a knowledge library, inspirational success stories, and an exchange for business opportunities.
General manager Suvo Sarkar said: “Emirates NBD believes that small and medium enterprises need to be nurtured and supported at every step of their growth journey to empower and enable them to compete on global plateforms.”
Completing the trio of new initiatives is a strategic partnership agreement with Dubai SME to provide up to AED50m in loans to Emirati SMEs.
Dubai SME is the agency of the Department of Economic Development in Dubai mandated to develop the SME sector. Emirates NBD has teamed up with Dubai SME to offer the Credit Guarantee Scheme (CGS) of the Mohammed Bin Rashid Fund (MBRF), which has the authority to give loans, provide financial guarantees, and contribute to projects by Emirati entrepreneurs.
Abdul Baset Al Janahi, CEO of Dubai SME, said: “The partnership will draw upon Dubai SME’s vast interface with the entrepreneur community and Emirates NBD Business Banking’s proven expertise in SME financing, to ensure that Emirati entrepreneurs are offered the best possible terms and support services to set up and manage their own businesses.”