EDB approves launch of Direct Funding for Start-Up Companies Programme
The Emirates Development Bank, EDB, has approved the launch the "Direct Funding for Start-Up Companies Programme," which is valued at AED50 million, as well as the "Credit Guarantees for Funding Small and Medium Companies Programme," valued at AED100 million. It approved the programmes during the recent meeting of its board of directors in Dubai, which was headed by Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs and Chairman of the Board of Directors of EDB.
The EDB’s board highlighted its key accomplishments in 2018, such as the "Housing Loan for Nationals Portfolio" that reached a value of AED818 million and grew by AED213 million during the first quarter of the current year, as well as its funding of small and medium-sized enterprises with AED345 million.
After the launch, the Emirates Movable Collateral Registry Corporation, EMCR, the EDB achieved success in only a month, by registering 11,617 notices of movable assets and collateral. Its electronic system also registered 50 national banks, and the number of users of its registry reached over 344.
The Direct Funding for Start-Up Companies Programme will provide funding of up to AED2 million for start-up companies owned by UAE nationals, at a percentage of no less than 51 percent, according to the terms and conditions.
The Credit Guarantees for Funding Small and Medium Companies Programme will also guarantee funding of up to AED2 million, with the bank will guaranteeing 85 percent of the loan’s value while for loans of up to AED5 million for existing companies, the bank will guarantee 70 percent of the loan’s value.
The programme aims to help small and medium-sized enterprises to achieve success, as they are the cornerstone of the country’s economy and the main driver for creating jobs and new and innovative business models, which will strengthen the country’s sustainable economic development and its regional and international competitiveness while accelerating its transformation towards a knowledge-based economy that is based on creativity and innovation, in accordance with the National Agenda.
The education, energy, industry, recycling, real estate, transport and food sector projects funded by the bank are valued at AED345 million.
Website: http://www.edb.ae
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