Understanding and recognising the role SMEs and start-ups play in the economic development of Qatar, Mashreq Bank is continuing to create specialised solutions, offering a wide range of banking and financial services, from bank accounts to loans, with the aim of helping SMEs grow beyond their potential.
The products understand the needs and demands associated with managing the finances of a business and offer solutions, factoring and treasury options.
Mashreq Bank also acknowledge the needs and demands of SMEs and appreciate those needs vary from one to another. Their policy, therefore, is to listen to the individual needs of each business and to provide bespoke banking solutions.
Their Small Business Loan (SBL) has quickly emerged as their leading product. Giving business owners the opportunity and power to manage the operations of their company and to make effective decisions, the SBL allows SMEs and start-ups in the UAE to take the first and very important steps towards achieving their corporate goals.
The benefits of the SBL include high loan amounts with no collateral required. It also features flexible repayment periods of up to 48 months, a quick approval process, competitive interest rates, a dedicated relationship manager, a business current account with no minimum balance requirement and a free business credit card with attractive benefits.
In the UAE, SMEs currently contribute an estimated 40-46 percent of nominal gross domestic product (GDP) in Dubai, and host the majority of employment opportunities in the country. The SME sector in Qatar, however, has been historically under-served by the banking sector and growth has subsequently been much slower.
Now, thanks to their simple, fast and flexible Business Banking products, Mashreq Bank are helping to play a major role in the rapid growth and development of Qatar’s SME sector.