HSBC's Business Credit Facility for SMEs

Quick, positive decisions

There is no doubt that having the reassurance of knowing vital extra liquidity is within easy reach is a major attraction for the HSBC's ever expanding list of customers. The SME segment is one of the fastest growing economic sectors, contributing more than 30 per cent of the UAE's GDP. Within such a rapidly booming environment, expanding and successful SMEs need to know they can get their hands on funds quickly and simply.

'HSBC supports all types of businesses, with a focus on providing value added services to customers, both locally and in the international markets, by leveraging our global presence and financial presence. When our customers approach us for credit facilities, we do everything we can to meet their financial needs and process their applications with a quick turnaround.' said Rakesh Arora, Senior Manager, Business Banking UAE.

SMEs only need to have been in business for just over a year to avail themselves of HSBC's loan facilities. Customers need to fill in a simple application form, provide financial information and copies of their last 12 months bank statements, for each relevant bank account, as well as copies of valid trade licences.

'Once approval has been given, customers can choose to take the credit on a range of our products. We can offer the funds as an overdraft facility, as a term loan, for import/export finance or factoring for example,' added Mr Arora.

Supportive and qualified staff

For the HSBC Business Banking Unit, building up a good relationship with its clients is a vital part of its job and the bank's Relationship Managers play a major role in advising SMEs on their business strategy and also their credit requirements.

'We employ the best relationship management staff who maintain close contact with the customers. This helps them to provide individually tailored solutions, which is a critical need of the SME sector. Close contact also helps them stay abreast of the changing needs of SMEs, which again benefits the customers longer term,' explained Mr Arora.

Through the support of the HSBC team, a significant number of SMEs have chosen to take up the Business Credit Facility; this has helped their particular business objectives and yet has been very easy to set up, without the need to supply any cumbersome documentation. As the SME sector in the UAE expands, the HSBC anticipates even more interest in its simple, yet popular, Business Credit Facility.