Emirates Development Bank (EDB) has announced a new lending feature that allows SMEs and startups to apply directly through its digital banking app for loans of up to AED5 million and receive approval or feedback within five days. The service, developed in collaboration with peer-to-peer (P2P) lending platform Beehive, is the first of its kind in the UAE, marking a significant step forward in improving access to finance for SMEs and further simplifying the ease of doing business in the country.
The lending service will be available to UAE-based SMEs and startups working in one of the EDB’s five priority sectors: manufacturing, healthcare, food security, advanced technology, and infrastructure. These are available through EDB’s digital banking app, which is powered by UAE-based fintech YAP.
Ahmed Mohamed Al Naqbi, CEO, EDB, said, “EDB fills a critical gap in the market by providing financing solutions to all companies with a proven potential to contribute to the sustainable development of the UAE. It is clear that swift access to finance is one of the biggest challenges that SMEs and startups face. Through this partnership, our newly launched lending service will offer SMEs and startups quick and efficient access to loans.”
