By Tamara Pupic
One of the biggest UAE banks has started offering a special financing package to local start-ups.
A local bank has developed a one-stop financing solution to UAE start-ups, which is the first of its kind in the country.
‘Startup Proposition’ at First Gulf Bank (FGB), one of the largest equity-based banks in the emirates, offers a new range of financial solutions, from business current accounts and business credit cards, to start-up loans, overdrafts and trade/working capital facilities, with no collaterals required.
The start-up package is designed to support new businesses in the initial stages of their business venture.
It allows new ventures to access a current account with no minimum balance and Platinum Visa business credit card in the first six months of operation, along with an overdraft or a start-up loan after six months.
Business ventures within the first 18 to 24 months of operation have a combination of cash loans and trade facilities available to them.
Speaking about their flagship solution, Hana Al Rostamani, head of consumer banking at FGB, said: “Starting any new business requires funding, however, SMEs often find it difficult to access the financial support they need to get up and running, and start operating efficiently.
“With the launch of our new ‘Startup Proposition’, we want to meet businesses’ immediate requirements and cater to their needs at each stage, without collaterals required.
“As part of our efforts to further develop the SME segment in the UAE, we’re looking to build long-term partnerships with local businesses and support them throughout their business journey.”
For information, tips and advice on setting up a new business or insights from those who have taken the leap into the world of entrepreneurship, click on the Arabian Business StartUp section.