Commercial Bank of Dubai partners with Network International for pre-approved commercial loans
The Commercial Bank of Dubai (CBD) has announced that Network International will provide its merchant clients with pre-approved commercial loans against their receivables at the point of sale.
As a result, CBD will offer commercial loans to Network’s retail and e-commerce customers against their point of sale (POS) machines or the payment gateway product, quickly and with minimal documentation, according to a report released by the state news agency. WAM.
CBD offers commercial loan amounts with repayment terms of up to 36 months. It also offers an exclusive digital business account for SMEs that can be opened instantly with zero balance options, with exclusive services tailored for businesses.
“The collaboration with Network International is in line with our commitment to promote the overall business environment in the UAE and support SMEs and startups, as they are vital contributors to the growth of the economy,” said Amit Malhotra , Managing Director of the Personal Banking group. .
“Since last year, there has been a huge increase in the number of contactless transactions and merchants using point-of-sale machines, largely due to the global Covid-19 pandemic. We see a strong demand and an opportunity to provide these merchants with adequate support and financing solutions to streamline their working capital so that they can focus on growing their business.
This initiative complements our recent partnerships with Dubai Economy and Emirates Development Bank (EDB), ”added Malhotra.
CBD recently signed a memorandum of understanding with EDB for credit guarantee and co-loan programs for small and medium enterprises (SMEs) in the United Arab Emirates. As part of this memorandum of understanding, CBD can offer financing of up to 10 million Dhs to an SME, and 50% of the amount of the facility will be either guaranteed or co-loaned by EDB.
Read: Emirates Development Bank and Commercial Bank of Dubai sign MoU for SME loan program