UNB to provide 125% finance against deposits for SMEs

In a bid to further support the growth of the small business sector in the UAE, Union National Bank (UNB), one of the UAE's leading banks, has announced the launch of a new and innovative financial solution for small and medium enterprises (SMEs) and sole proprietary concerns.

United Arab Emirates: Monday, June 16 - 2008 at 14:49
PRESS RELEASE

Aladdin El Khudary SVP & Head of Real Estate & Commercial Finance Division at UNB.

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The SME banking product allows entrepreneurs or SMEs to obtain credit facilities of 125% against a personal or company deposit placed with UNB, in addition to earning interest on the deposit.

Aladdin El Khudary SVP & Head of Real Estate & Commercial Finance Division at UNB said:

'A flourishing SME sector has been a fundamental component of the UAE's growing economy. UNB's launch of this innovative financial product targeted at the SME sector aims at providing a boost to the sector and strengthening an environment that enables private enterprise to flourish.'

SMEs who avail of this facility can repay the excess portion of the loan in fixed monthly instalments.

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Posted by Eman Hassan
Monday, June 16 - 2008 at 14:49 UAE local time (GMT+4)

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