NBF: Building blocks for the SME landscape

SMEs are the engine of economic growth as they account for more than 86 per cent of the total private sector workforce as well as more than 60 per cent of the country's current GDP, which is estimated to go up to 70 per cent by 2021.
One of the biggest challenges that start-up companies have is the lack of knowledge about the range of financing services available and how these products can help their businesses grow.
National Bank of Fujairah has long regarded the SME sector as a key business pillar. In 2004, the bank created a dedicated department to cater the requirements of SMEs in the UAE.
Through innovative techniques and regular feedback from clients, NBF has been able evolve its business in a manner that best meet customers' borrowing and non-borrowing requirements.
Earlier this year, NBF joined hands with the Emirates Development Bank and the Ministry of Finance to become a partner bank in the Dh100 million SME Credit Guarantee Fund Scheme, which is designed to alleviate one of the key challenges faced by SMEs and improve their access to financing.
The bank has also been the platinum sponsor for Accelerate SME, the only digital gateway to the SME ecosystem in the MENA region by Refinitiv formerly known as Thomson Reuters.
In 2018, both extended their partnership to launch the Thomson Reuters ONESOURCE Fast VAT solution, which provides businesses with everything they need to know to be compliant with the recent introduction of VAT in the region - all in a single location.
Regarded as the partner for businesses in the UAE, NBF provides today an array of innovative banking solutions to the SME segment including, but not limited to SME lending, treasury solutions, transaction banking, parameterised and custom-made solutions to meet the dynamic requirements of SMEs in the competitive market conditions.
Rehan Ali, Head of Business Banking at National Bank of Fujairah PJSC, shares this thoughts on SMEs and their economic drive. Excerpts: 
SME as an important business sector 
"We have always regarded SMEs as the engine of economic growth - entrepreneurial spirit is one of the most important economic drives as it breeds new opportunities through innovation.
Despite rapid changes and a slowing global economy, we have stayed true to our commitment as the leading financial partner for our clients by focusing on supporting their needs and growth aspirations. Testament to this, we have currently assets and loans in excess of 10 per cent to SMEs with regard to overall asset book of the bank." 
Solutions designed for SMEs
"NBF provides wide variety of banking solutions with regard to asset and liabilities to SMEs through its customised and parameterised banking solutions. Indicative of this, various current account packages have been specifically designed to cater to the requirements of SMEs; these include award-winning packages of Business Plus, Business Priority, and Business Elite - each offering unique banking services to meet the dynamic needs of SMEs.
With the help of able Relationship Managers (RM), SMEs are also guided in selecting a package which best suits their business requirement. The best part is every SME company whether borrowing or non-borrowing has a dedicated relationship manager who takes care of the account."
Supporting the local entrepreneurial ecosystem
"In terms of access to funding, NBF has remained a committed partner by extending financing to the SME sector despite challenging macroeconomic conditions. Earlier this year, NBF became one of the partner banks for the Dh100 million SME Credit Guarantee Fund Scheme launched by EDB (Emirates Development Bank). The formal cooperation agreement was signed off recently at a ceremony hosted by EDB in Abu Dhabi. 
Beyond this role, NBF plays a pivotal role in providing its customers with sound advice based on their industry knowledge and understanding of trends as well as readily available in-house data and through external partners.
Over the past years, we have invested in NBF Knowledge Series, a platform dedicated to helping our clients navigate the changing market environment and equipping them with the tools and knowledge to succeed and grow their business.
We have also partnered with Refinitiv (formally known as Thomson Reuters) to provide clients exclusive access to tailored funding solutions and knowledge through innovative digital platform like Accelerate SME (ASME) which is an ecosystem to support the SMEs, and ONESOURCE Fast VAT."

Rehan Ali is a seasoned banker with more than 20 years of banking experience in the UAE. His journey with NBF began in 2003 when he took on the role of a Relationship Manager - Corporate Banking. Since then, he has climbed up the ranks to lead as the Head of Business Banking.
He currently handles the sustainable growth and management of its Business Banking portfolio, armed with a mission to maximise and generate high profits per segment. To date, the business banking segment generates almost 20 per cent of bank's net profit, with Ali managing 1,000+ borrowing customers across the UAE. Furthermore, NBF Business Banking segment has been recognised with a number of awards and accolades, thus demonstrating the banks commitment in supporting the SME community. 

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