Emirates Development Bank (EDB) announced a new lending feature offered in partnership with peer-to-peer (P2P) lending platform Beehive that allows SMEs to apply for loans of up to AED5 million (US$1.36 million) directly through its digital banking app and receive approval or feedback within five days.
The lending service will be available for UAE-based SMEs operating in EDB’s five priority sectors – manufacturing, healthcare, food security, advanced technology, and infrastructure – and is available on various tenors of up to 60 months.
EDB’s app, powered by UAE-based fintech YAP, enables SMEs and startups to set up a business bank account and an IBAN number within 48 hours and offer a comprehensive range of banking services.
“We are continuously looking to collaborate with fintech companies and financial partners to ease the financing process for SMEs and allow for quick and easy access to the bank’s financial services,” said Ahmed Mohamed Al Naqbi, Chief Executive Officer of EDB.
“Our partnership with EDB is key to increasing the accessibility of financing to SMEs, enabling growth and providing more opportunities,”said Craig Moore, Founder and Chief Executive Officer of Beehive.