Abu Dhabi, 29th June 2008: Union National Bank (UNB), one of the UAE’s leading banks, has announced the launch of a new product that offers Small and Medium Business Enterprises (SMEs) loans to rent commercial properties including office premises, shops, warehouses and factories.
“The demand to settle annual rent in a single payment has become increasingly common and is a burden on business owners. In line with UNB’s efforts to be responsive to market needs, Commercial Rent Loans have been designed to provide business owners the option to make rental payments in installments” said Alladdin Al Khoudary, Senior Vice-President and Head of Commercial Finance Sector at UNB.
Business owners who avail of the loan can choose convenient monthly repayments over a three, six or 12-month term. UNB will make the one-time rental payment to landlords as per the terms in the tenancy contract.
The Commercial Rent Loan for SMEs follows UNB’s recent extension of a 125-per cent credit facility against a personal or company deposit, to the fast-growing SME segment.
