(MENAFN - Khaleej Times) The recent growth of the SME segment in the UAE has been remarkable. According to the Ministry of Economy, the contribution of SMEs to the UAE gross domestic
product (GDP) doubled in 2011 to reach 60 per cent.
Pritam Mirchandani, RakBank's head of business finance, attributes the upsurge in the SME sector to both market opportunity and the entrepreneurial spirit of the community.
"Opportunity for business creation is a result of the focused support by the government, which recognises the positive contribution of SMEs to economic growth and employment," said Mirchandani.
"This encourages entrepreneurs to avail of the positive market fundamentals by taking advantage of improving business conditions and starting their own small businesses."
RakBank has established its position as one of the leading providers of financial services for SMEs in the UAE. The bank's innovative financial products and award-winning customer service provide flexible solutions to SMEs at every stage of their growth.
All businesses can take advantage of RakBank's interest-bearing transaction account which conveniently requires a low minimum balance. As the business expands, RakBank is there to extend to valued customers the collateral-free RAKFinance loan of up to Dh1.5 million without requiring their audited financials. Even companies that have been in business for as little as one year are eligible to apply for RAKFinance.
RakBank also supports companies as their requirements become more complex by offering them tailor-made working capital and trade finance solutions with minimum documentation. Dedicated RakBank staff are available to customers every step of the way throughout the bank's nine business centres.