Commercial Bank of Dubai partners with Network International for pre-approved business loans

Commercial Bank of Dubai (CBD) has announced a partnership with Network International to provide the latter’s merchant clients with pre-approved business loans against their Point of Sale Receivables.

Accordingly, CBD will offer business loans to Network’s retail and e-commerce clients against their Point of Sale (POS) machines or payment gateway proceeds, quickly and with minimal documentation, according to a report on state-run news agency WAM.

CBD offers business loan amounts with repayment tenures of up to 36 months. It also offers an exclusive digital business account for SMEs which 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 a vital contributor to the growth of the economy,” said Amit Malhotra, general manager – Personal Banking Group.

“Since last year, there has been a huge increase in the number of contactless transactions and in merchants using POS machines, largely due to the global Covid-19 pandemic. We see a strong requirement and opportunity to provide those merchants with adequate support and financing solutions to streamline their working capital so that they can focus on scaling up their businesses.”

“This initiative further complements our recent partnerships with Dubai Economy and Emirates Development Bank (EDB),” added Malhotra.

CBD recently signed an MoU with EDB for credit guarantee and co-lending programmes for small and medium-sized enterprises (SMEs) in the UAE. As part of that MoU, CBD can offer up to Dhs10m financing to an SME, and 50 per cent of the facility amount will be either guaranteed or co-lent by EDB.

Read: Emirates Development Bank, Commercial Bank of Dubai sign MoU for SME lending programme