FGB launches new financing package for UAE start-ups

Sunday, Sep 27, 2015

Abu Dhabi: First Gulf Bank to offer a one-stop financing solution to UAE 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 or 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, the bank said in a statement.

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, according to the bank.

Business ventures within the first 18 to 24 months of operation have a combination of cash loans and trade facilities available to them.

The bank said there are more than 350,000 SMEs operating within the UAE, which represent almost 92 per cent of the total number of UAE companies and provide more than 86 per cent of jobs in the private sector. They also account for over 60 per cent of the country’s GDP, but only around 4 per cent of total lending in the country.

Hana Al Rostamani, Head of Consumer Banking at FGB, said: “With the launch of our new ‘Startup Proposition’, we want to meet businesses’ immediate requirements and cater to their needs at each stage, without collaterals required.”

Staff Report