Emirates Development Bank (EDB) has launched “Sanad”, an AED 100 million post-Covid acceleration initiative. In line with the UAE’s national strategy, the new initiative aims to provide fast, easy-to-access and flexible loans to Emirati-owned and managed businesses looking to accelerate their business growth post-pandemic.
Along with the fast, convenient, and flexible platform, EDB also offers interest rates that are the most competitive loan rates in the market across both secured and unsecured loan categories. The loans, which will be offered at a starting rate of 5.99% per annum on a declining balance basis, aim to enable Emirati businesses looking to accelerate their post-Covid economic growth.
Ahmed Mohamed Al Naqbi, Managing Director of EDB, said: “Our new ‘Sanad’ initiative is in line with the country’s economic diversification strategy and is part of the bank’s efforts to boost industrial growth and modernization in the country. over the next 50 years and beyond. EDB is the only bank in the UAE to provide such unique, fast, easy-to-access and flexible liquidity support to Emirates owned and managed SMEs post Covid. Additionally, we have designed a suite of expert financial services to enable Emirati-owned and managed businesses to accelerate their growth post-pandemic.
EDB said loan applications will be processed within five working days through a simple process, making the new initiative a fast, convenient and flexible platform. The credit assessment of SMEs will be based primarily on their 2019 financial statements (pre-COVID) with relaxed standards on the 2020-2021 financial performance assessment.