The National Bank of Abu Dhabi (NBAD), the leading bank in the UAE, has launched a new service to support small-and medium-sized enterprises (SME).

This campaign, which is available for a limited time, offers NBAD’s new and existing SME customers the chance to apply online for credit facilities up to Dh2.5 million ($680624) and obtain in-principle approval within 7 days after application.

“NBAD is fully aware that SMEs are the UAE’s engine of growth and we also understand the challenges faced by this very important sector. This is why we have designed this special campaign to help this critical segment of the UAE economy,” said Haitham AlRefaie, head of Business Banking Group at NBAD.

The promotion is open to SMEs that have been in the business for at least two years, can produce at least six months of bank and two years of audited financial statements, and provide other required documents about the business.

The latest campaign follows other NBAD initiatives to help SMEs. The bank opened its first business centre in February in Abu Dhabi Industrial City (ICAD), which is home to many SMEs.

In January, NBAD became an administrator of the Khalifa Fund, which offers interest-free loans to SMEs, and sponsored and participated in the National Exhibition for Small and Medium Enterprises to support and facilitate the sector’s growth.-TradeArabia News Service