Abu Dhabi, UAE — The Abu Dhabi Department of Economic Development (ADDED) has launched a program to improve the access of SMEs to financial services and enable them to grow further and play a greater role in the sustainable development.
ADDED said the “SME Finance Facilitator” program is being launched in partnership with the Emirates Classification Society “Tasneef” and support of Abu Dhabi Chamber of Commerce and Industry (ADCCI), and leading banks.
The new initiative is part of ADDED’s ongoing efforts to enhance the business ecosystem for SMEs as a key driver of a vibrant, diversified, and sustainable economy, ADDED said.
The program is designed to improve access to financial services by facilitating the process for opening bank accounts and accessing credit facilities to support working capital needs and long-term growth.
It is a result of research, analysis, and active engagements with SMEs, financial institutions, and other stakeholders to address challenges facing SMEs.
The program will assign financial facilitators to assist in understanding financial health checks, preparing financial and non-financial requirements, and fostering trust between SMEs and financial institutions, leading to a transparent communication and collaborative credit assessment.
Working closely with participating banks, the assigned financial facilitator will also support qualified Abu Dhabi-based SMEs with preferential rates and fees for banking services and products.
Small and Medium Enterprises are one of the vital sectors in Abu Dhabi’s economy, accounting for 98 percent of businesses, employing 46 percent of the workforce and contributing 42.8 percent to Abu Dhabi’s non-oil GDP.
Mouza Obaid Al Nasri, Executive Director of SMEs Sector at ADDED, said, “The ‘SME Finance Facilitator’ program is a valuable addition to our initiatives as access to finance is a major challenge facing SMEs to grow and enhance their role in Abu Dhabi’s economy.”