NBD and Dubai SME set up $13mln fund for Emirati businessmen
Emirates NBD and Dubai SME have entered into a strategic partnership to extend up to Dh50 million in new loans dedicated to Emirati entrepreneurs and small businesses.
The new programme seeks to develop and implement the Credit Guarantee Scheme (CGS) of the Mohammad Bin Rashid Fund, which has been established to help Emirati SMEs. All UAE national-owned businesses, including start-ups, can avail themselves of the facilities under the scheme.
Dubai SME is the agency of the Department of Economic Development in Dubai that has been tasked to develop the SME community. Under the credit guarantee programme, Emirates NBD will work with the agency to establish and manage the Fund.
Financing will be dispensed through the bank’s branch network and a credit risk team will offer risk management support to UAE nationals seeking loans through the Fund.
Emirates NBD said it is also committed to extend special interest rates on short-term debt for SMEs and reduced securitisation levels on facilities for large SMEs.
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