Dubai SME and Dubai First partner to facilitate SME funding

New partnership ensures collateral free financing and other benefits to SMEs

Dubai SME, an agency of the Department of Economic Development (DED), has signed a memorandum of understanding with Dubai First, a consumer finance arm of First Gulf Bank (FGB), to facilitate SME access to funding.

Under the terms of the agreement, Dubai First will provide collateral free financing to SMEs to enable such enterprises to meet their business and working capital requirements.  In addition, the SME owners will receive pre-approved Business Flex Credit Card with pre-set limit, flexible interest rates and rewards.

Speaking about the agreement, His Excellency Abdul Baset Al Janahi, CEO of Dubai SME, said: “To ensure the future success of the SME sector in Dubai, the support and partnership of organisations like Dubai First is essential. The financing options that Dubai First offers will help many SMEs to expand their businesses and make an increasingly important contribution to the UAE economy.”

Source : Arabian Business