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SCCI Ties-up with Banks to Offer More Facilities to SMEs

SHARJAH - The Sharjah Chamber of Commerce and Industry, or SCCI, is co-ordinating with banks here to provide more credit facilities and additional benefits to small and medium enterprises (SMEs) in the emirate, according to a top official.

“Though the banks have already specified divisions for dealing with SMEs, the SCCI is pushing towards further benefits and services for SMEs. We have recently concluded a memorandum of understanding with the Sharjah Islamic Bank for encouraging financing plans for SMEs,” Hussein Al Mahmoudi, director-general of SCCI, said, while announcing a new initiative for supporting SMEs on Tuesday.

Basem Shahrour, manager of SME-banking at Sharjah Islamic Bank, said the bank has created a division for SMEs a year back. “We have been financing existing SMEs since then,” he said.

Farid Arboudi, relationship manager- SME banking at Noor Islamic Bank, said that the market, particularly SMEs, is still in need of bank facilities despite the economic recession.

“We have worked on major amendments to provide more benefits and bank facilities to SMEs. We are also ready to provide more lending facilities, especially when a consulting company is involved,” Arboudi told 
Khaleej Times.

“However, more facilities shall be rendered to the SMEs, guaranteed and referred to the bank by the chamber, because the risks of SMEs are similar to big projects.”

The SCCI director-general further said that the SME sector, which accounts for about 80 per cent of the total businesses operating in economic sectors in Sharjah, has witnessed an increase in terms of investments.

“Playing a vital role in achieving sustainable economic growth, the SME sector can effectively generate new jobs,” he said.

Detailing the strategic, consulting, financial and marketing services to be provided for the SME sector, Al Mahmoudi said that a new SCCI initiative, launched 45 days back, is providing essential tools and facilities for existing SMEs to improve their abilities to leverage investment opportunities and contribute in strengthening and diversifying the national economy.

Al Mahmoudi said that the SCCI has organised a business trip for 10 SMEs to China, undertaking all arrangements and part of costs, to help promote them abroad and find investment opportunities. “Further exhibitions and visits are also to be held abroad, particularly to companies and institutions seeking business opportunities in Asia, and North Africa, particularly Tunisia, Morocco, Algeria and Libya, as well as Central and South African countries.” —

ahmedshaaban@khaleejtimes.com