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Abu Dhabi Commercial Bank announced the launch of three new loan products targeted at Small ’&’ Medium Enterprises customers, further strengthening its commitment to the SME sector in the UAE.
In 2008, the bank launched its SME proposition, brand named BusinessEdge, which included five Transaction Banking packages Launch of the new lending products will enable the bank to cater to wide-ranging needs of SME customers.
The products being launched include "BusinessEdge Insta Loan", an unsecured credit facility up to AED 500,000 enabling small businesses to meet working capital and term loan requirements. The bank is also launching "Commercial Vehicle" ’&’ "Construction Equipment Loans" to fund purchases of such equipment from leading manufacturers.
As part of the new lending offerings, the bank has launched "Enterprise Credit" - a comprehensive working capital solution which allows SME customers to avail credit limits for short term and regular working capital needs (including trade finance facilities) up to AED 5.0 million.
These products will be available through five dedicated SME Centres located in Abu Dhabi, Al Ain, Dubai and Sharjah. Customers will also be able to register their interest in these lending products through phone-banking and by sending text messages to a dedicated number. They would then be contacted by SME Relationship Managers to provide further information and assistance in the application process, Mr. Colin Fraser, Head of Wholesale Banking Group, ADCB commented, "the sustained momentum that ADCB has gathered throughout the years is based on acknowledging what customers demand and that’s why we are confident that ADCB will reach its goal of becoming one of the most modern and service oriented banks on both the local and regional levels.
’’We continue to implement new ideas and invest in deeper relationships extended to a broader client base which will strongly position ADCB to create a robust, more diversified business, linked to a wider range of products and services." added Mr. Colin.
"Worldwide, SMEs form the backbone of any economy providing the bulk of employment and contributing maximum share of the exports. In UAE, SMEs make up the bulk of the non-oil GDP. We at ADCB define the SME segment as businesses having turnover of up to AED 100 million per annum. While an estimate of the number of SME entities in UAE varies, we continue to see strong uptake of our offerings to this segment even during the current economic downturn. Hence, our decision to launch these products to re-enforce our commitments to this business sector", concluded Mr. Colin.
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