Kathmandu recorded a record-breaking rainfall in its 54 years with 323 millimetres of rainfall, recorded within 24 hours on that day
The bank will provide financing of up to Dh500,000 without the need for borrowing companies to place deposits or assets as financial securities against the loans.
Established in 1976, the bank is one of the UAE’s oldest local financial institutions with assets worth Dh14.5 billion. SMEs form the backbone of the UAE economy and are the largest employing sector in the country.
“The health of SMEs is crucial to the local economy’s ability to overcome market challenges effectively and quickly, and, within the bank, they represent the fastest-growing area of business and a key priority,” Graham Honeybill, GM of the bank said.
SMEs are estimated to make up 85 per cent of companies registered in the UAE, according to the Abu Dhabi Chamber of Commerce. Rakbank provides financial solutions to the SME sector, with a range of loan and deposit services to suit their requirements.
“The SME sector may be seen as a high-risk area by many banks, but we have continued to extend finance services to businesses that demonstrate viable business models and healthy cash-flows, and there are still plenty of these types of businesses around,” Honeybill said. The requirement of collateral is a significant obstacle for SMEs in accessing finance, as these assets can otherwise be used as an additional source of capital or offer other benefits to the business when not locked down as a financial security. By eliminating the need for collateral, Rakbank aims to facilitate finance to SMEs in an effective way and without setting unrealistic demands. The bank lends to eligible businesses operating for at least one year, and assesses their credit-worthiness through an analysis of their business models, growth plans and available financial information.
Kathmandu recorded a record-breaking rainfall in its 54 years with 323 millimetres of rainfall, recorded within 24 hours on that day
If a dispute arises between a landlord and a tenant, the matter can be raised with the centre of the rental dispute in the emirate
Weather is generally forecast to be clear to cloudy
Experts believe that students are more likely to enrol in programmes offering academic credit for industry-recognised credentials
The Emirates' mix of sports events, luxury, and landscapes makes it a prime sportcation destination, travel companies said
Millions of Americans were still without power and many faced torrential flooding on Saturday, authorities said
It underwent major technological advancements and is now fully operational for arrivals and departures
Indian cinema's biggest night was an epic celebration of Bollywood