Emirates Development Bank (EDB) is supporting the UAE’s post-COVID-19 economic recovery and acceleration efforts with a new AED 100 million facility for SMEs.
The Sanad initiative
The Emirates Development Bank (EDB) has launched a new initiative called “Sanad” with a new AED 100 million facility for UAE-owned and operated small and medium-sized enterprises (SMEs). The facility will support efforts to revive and accelerate the UAE economy after the COVID-19 pandemic, according to a March 2022 EDB press release. According to the same release, this initiative provides UAE SMEs with quick and easy access to flexible loans.
“The launch of ‘Sanad’ is in line with the UAE’s leadership vision to boost the SME ecosystem and help the overall economic acceleration post-COVID. Our new AED 100 million initiative offers flexible liquidity support to Emirati-owned and managed SMEs with a growth outlook post the pandemic,” said Ahmed Mohamed Al Naqbi, Chief Executive Officer of EDB.
The EDB added that the loan application will be processed within one week and will be based primarily on the company’s financial statements pre-COVID.
“The loan requests will be processed within five working days through a hassle-free process making the new initiative a quick, convenient, and flexible platform. The credit assessment of the SMEs will be based primarily on their 2019 financials (pre-COVID) with relaxed norms on evaluation of 2020-2021 financial performance. We have designed a suite of expert financial services to enable Emirati owned and managed businesses to accelerate their growth post the pandemic.”
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