The Emirates Development Bank, as a financial driver of the economic diversification and industrial transformation agenda in the UAE, launched the “SANAD” initiative to accelerate the growth of Emirati small and medium-sized enterprises, worth Dh100 million.
The new initiative aims to make it easier and faster to access flexible loans for businesses owned and managed by Emirati citizens looking to accelerate their business growth post-pandemic.
Ahmed Mohammed Al Naqbi, CEO of Emirates Development Bank, said: “We are pleased to launch the ‘SANAD’ initiative to accelerate business growth worth Dh100 million. Through innovative and flexible financial solutions, this initiative will support small and medium-sized businesses owned and operated by Emirati citizens who are working to increase their business recovery and growth after Corona.
Al-Naqbi added that “loan applications will be processed within five business days, and the financing evaluation process mainly depends on the financial performance of companies during 2019 before Corona, and also takes into account the financial performance of these companies during the years 2020 and 2021, taking into account the application of mitigating requirements.”
He explained that the “SANAD” initiative is in line with the country’s economic diversification strategy and to achieve sustainable growth in the future of companies and small and medium-sized companies, and is also part of the bank’s efforts to promote and accelerate business growth. and the modernization process. in the country for the next fifty years and beyond.
He added: “In addition to the “SANAD” initiative, we have designed a suite of financing solutions designed to help Emirati-owned and managed businesses. These financing solutions are characterized by being fast, flexible and convenient, and are provided with competitive rates which are among the most competitive within the secured and unsecured loan categories.”