On schedule to finance its 100th SME loan this year is the UAE's Funding Souq

 

Funding Souq, a SME lending platform, has raised more than $2.72 million (Dh10 million) to date and has another $9.53 million (Dh35 million) on the way as part of its initiatives to connect SME borrowers with hundreds of investors from around the world.

Additionally, the program has set a goal to fund its 100th loan this year, solidifying its role as a catalyst for economic development in the UAE.

As part of its efforts to increase support for entrepreneurial ventures in the media industry and add new financing opportunities that target innovative start-ups and SMEs and help them secure financing, Sharjah Media City (Shams) has signed a strategic partnership and guarantee scheme agreement with Funding Souq.

Through Funding Souq's crowdfunding platform, the deal aims to give start-ups and SMEs cutting-edge financing options, while Shams will provide loan repayment guarantees.

“Sharjah Media City's (Shams) objective is to provide a fostering environment that fosters entrepreneurship, innovation, and creative thinkers in the media and creative sectors,” according to Dr. Khalid Omar Al Midfa, chairman of Shams.

“We were given this responsibility by Dr. Sheikh Sultan bin Muhammad Al Qasimi, a member of the Supreme Council and the ruler of Sharjah. And with that position in mind, Shams works tirelessly to develop initiatives that help start-ups and SMEs, as well as new opportunities for our community.”

As part of their mutual agreement, Funding Souq sends current or potential borrowers to Shams, where the most promising companies can be permitted to take advantage of Shams' varied facilities. Shams strives to connect businesses in need of loan facilities to Funding Souq.