Credit Guarantee Scheme for SMEs: Who Qualifies and What You Get
Small and medium enterprises can access guarantees for bank loans to help fund business growth and expansion.
This scheme provides guarantees to banks to help small and medium enterprises secure the financing they need to grow.
Who it's for
This program is designed for small and medium-sized enterprises (SMEs) that hold valid business licenses and have a clear, documented business plan.
What you get
If you apply, the scheme provides guarantees for bank loans. These guarantees act as a safety net for lenders, making it easier for your business to obtain the credit required to support your growth.
What it costs you
While the guarantee itself is a support mechanism, you will still be responsible for paying the applicable interest rates on your loan. You will also need to provide a formal business audit to satisfy the requirements.
The catch to know
To be successful, your business generally needs to demonstrate a solid track record of revenue.
How to apply
- Ensure your business has a valid license and a professional business plan.
- Prepare your business audit documents for review.
- Visit the official website to find more information on the application process.
- Follow the instructions provided on the official portal: https://edb.ae