EDB will provide the credit guarantee or co-lending programme to CBD SME customers. CBD can offer up to Dhs10m financing to an SME, and 50 percent of the facility amount will be either guaranteed or co-lent by EDB. CBD will provide SMEs with a Digital Business account, which can be opened online and instantly. Moreover, CBD will also offer a wide range of loans including Trade and Working Capital finance, loans against POS as well as asset-backed lending solutions. The programme also aims to support UAE citizens in their start-ups by offering financing facilities of up to Dhs1m, wherein 60 per cent is guaranteed or co-lent by EDB. The Credit Guarantee and Co-lending programme by EDB and CBD will focus on priority sectors.
As part of the EDB’s endeavour to play a pivotal role in the country’s economic diversification plans, and bridging the funding gap for SMEs operating in key sectors, to sign the MoU with Commercial Bank of Dubai. Through our combined efforts, both entities are forward to extending easier access to financial sources, strengthening the SME ecosystem and supporting the UAE’s goals to build a robust knowledge-based economy. CBD has always been keen to promote the overall business environment in the UAE and support SMEs and start-ups by providing them with innovative financial solutions to manage their finances and get the best banking solutions through a seamless and smooth user experience.