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Emirates Development Bank and Beehive sign $8.2m financing deal for SMEs

Strategy agreed aims to help SMEs across the UAE access finance and grow their business.

Emirates Development Bank (EDB) has signed a deal with the UAE’s first peer-to-peer (P2P) landing platform, Beehive, to provide up to AED30 million ($8.2m) in financing for small and medium-sized enterprises (SMEs) across the country.

It comes following the announcement last month by EDB to lend up to AED30 billion ($8.2bn) to SMEs, start-ups and large corporates across five priority sectors including manufacturing, healthcare, infrastructure, food security and technology over the next five years.

With the latest AED30m funding Beehive will facilitate business loans to creditworthy SMEs looking to expand operations of improve working capital.

Ahmed Mohamed Al Naqbi, CEO of EDB, said: “The collaboration with Beehive is part of our mission to bridge the funding gap by offering SMEs greater and easier access to financial sources. Through our combined efforts, we look forward to strengthening the SME ecosystem and supporting the UAE’s goals to build a robust knowledge-based economy.”

The EDB strategy aims to help SMEs to access finance and grow their business, which should boost their contribution to the UAE’s non-oil GDP to over 70 percent by 2021, besides enhancing in-country value, productivity and employment.

Craig Moore, founder and CEO of Beehive, added: “The addition of institutional investors to Beehive will give SMEs more secure financing and better liquidity on the platform, which means that funding can be received faster too.”

The Beehive platform uses crowdfunding technology to connect SMEs looking for finance with a crowd of investors who can support their finance request, while earning attractive returns.

Source: Arabian Business