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New Business Finance Product Launch Designed To Aid SME Growth In UAE |
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In its quest to play a pivotal role in the economic development of the UAE, HBL has launched yet another product, this time to finance the needs of SMEs. A flexible business finance solution, HBL Irtiqa'a is specifically for SMEs who have been operational for three years or more and want to develop and expand their business. With a loan tenure of up to three years available, the new offering enables investment in essential growth elements such as new premises, equipment and inventory. The product aims to enhance the role small and medium-sized enterprises play in the sustainable development of the UAE’s economy. A recent study by Dun and Bradstreet revealed SMEs represent over 90% of the total number of companies in the UAE and account for more than 85% of jobs in the private sector. They are therefore a critical component of the UAE economy. HBL Irtiqa'a also ensures companies can maintain healthy relationships with their suppliers by settling invoices, bills and other overheads on time whilst they wait for their own invoices to be paid. Furthermore, every customer has a dedicated relationship manager who is available by phone, email or face-to-face, providing expert advice and guidance when needed. Given that private equity and venture capital are still relatively new concepts in the UAE, banks are still an SME’s most viable source of finance. With an efficient application process and competitive interest rates on offer, the launch of HBL Irtiqa'a provides companies with a timely solution to raising capital for business expansion. “SMEs are the life blood of an economy and it is no different here in the UAE, where they account for almost 60 per cent of the country’s non-oil GDP. As a bank, HBL has always supported entrepreneurship and innovation, and HBL Irtiqa'a aims to provide the necessary finance required for them to flourish, not just in the short term, but the long term too,” explained Afaque Majeed, Officiating Regional General Manager at HBL. Majeed continued: “HBL prides itself in delivering the utmost personal service, and with HBL Irtiqa'a, each customer is assigned their very own relationship manager, giving them a dedicated point of contact at the branch.” |
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