NBF puts business owners first
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 AED100 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.