Abu Dhabi: The Abu Dhabi Department of Economic Development (ADDED) has unveiled the SME Finance Facilitator program. The initiative was launched in partnership with the Emirates Classification Society (Tasneef) and with the support of the Abu Dhabi Chamber of Commerce and Industry (ADCCI) and leading banks to improve SMEs access to financial services and to play a greater role in sustainable development.
The program is part of ADDED’s ongoing efforts to enhance the business ecosystem for SMEs as a key driver of a vibrant, diversified, and sustainable economy. It is a result of research, analysis, and active engagements with SMEs, financial institutions, and other stakeholders to address challenges facing SMEs.
Furthermore, the program is designed to improve access to financial services by facilitating the process of opening bank accounts and accessing credit facilities to support working capital needs and long-term growth.
We are forging ahead with our efforts to empower SMEs and enhance their role in the next phase of our diversification strategy by contributing to non-oil GDP, creating new job opportunities in the knowledge-based economy, and increasing exports. To equip SMEs with a conducive business ecosystem to grow and expand, we have conducted thorough research, analysis, and conversations with key stakeholders to identify improvement areas.
Mr. Mouza Obaid Al Nasri, Executive Director of the SME Sector at ADDED, shared.
Mr. Khalfan Al Saadi, General Manager at Tasneef Business Assurance, commented that “the SME Finance Facilitator program holds a pivotal role in evaluating, preserving, and overseeing the quality of services offered by finance facilitator service providers. Tasneef’s involvement in this program is a testament to its unwavering commitment to upholding the highest standards of business ethics and regulatory compliance.”
The program will assign financial facilitators to assist in understanding financial health checks as well as preparing financial and non-financial requirements. Additionally, it aims to foster trust between SMEs and financial institutions, lead to transparent communication, and facilitate collaborative credit assessment. Working closely with participating banks, the assigned financial facilitator will also support qualified Abu Dhabi-based SMEs with preferential rates and fees for banking services and products.