|By TAP Staff| FGB claims to be the first bank in the UAE to offer a one-stop financing solution to start-ups. The bank’s new ‘Startup Proposition’ offers new businesses a range of financial solutions, from business current accounts and business credit cards, to start-up loans, overdrafts and trade/working capital facilities, with no collaterals required.
The start-up package is designed to support new businesses in the initial stages of their business venture. New businesses can access a no minimum balance current account and Platinum Visa business credit card in the first six months of operation, along with an overdraft or a start-up loan after six months. Business ventures within the first 18 to 24 months of operation have a combination of cash loans and trade facilities available to them.
There are over 350,000 SMEs operating within the UAE, which represent almost 92% of the total number of UAE companies and provide more than 86% of jobs in the private sector. They also account for over 60% of the country’s GDP, but only around 4% of total lending in the country. Facilitating access to finance for SMEs is considered essential for fostering economic growth in the UAE and supporting these businesses is currently a top priority for both the government and business community.