The Abu Dhabi Department of Economic Development (ADDED) has launched the SME Finance Facilitator program in order to improve SMEs access to financial services and enable them to grow further and play a greater role in sustainable development.
The program was launched in partnership with the Emirates Classification Society (Tasneef) and support of the Abu Dhabi Chamber of Commerce and Industry (ADCCI), and leading banks.
The new initiative 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.
The SME Finance Facilitator program is designed to improve access to financial services by facilitating the process for opening bank accounts and accessing credit facilities to support working capital needs and long-term growth.
Ms. Mouza Obaid Al Nasri, Executive Director of SMEs Sector at ADDED, said that, “The SME Finance Facilitator program is a valuable addition to our initiatives as access to finance is a major challenge facing SMEs to grow and enhance their role in Abu Dhabi’s economy. We believe the program will provide a suitable solution to meet the financing needs of this vital sector, unleash its growth, and bring about extended ripple effects across various economic sectors.”
“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,” commented Mr. Khalfan Al Saadi, General Manager at Tasneef Business Assurance.