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Follow on Google News | Gulf Finance Wins Best SME Finance Scheme AwardGulf Finance, a leading UAE based boutique finance company, was named ‘Best SME Finance Scheme’ for its new innovative product SME Advance, in the 4th Banker Middle East Product Awards 2011.
By: Phil Denham • SME Advance provides a secure finance option which will not see SMEs penalised for bounced repayment cheques- a chief differentiator for the product Gulf Finance, a leading UAE based boutique finance company, was named ‘Best SME Finance Scheme’ for its new innovative product SME Advance, in the 4th Banker Middle East Product Awards 2011. Steve Williams, CEO of Gulf Finance, received the award at a recent gala ceremony in Dubai attended by a number of distinguished regional and global experts in the banking and finance industry. The annual Banker Middle East Product Awards, instituted by CPI Financial and supported by Thomson Reuters and PIC Solutions, recognise banking products and services that are either exceptionally innovative or have generated excellent financial results and/or transference of market share. Institutions nominate themselves and their products, reflecting the range, diversity and geographical spread of institutions and services in the MENA region. "Gulf Finance is delighted to receive such a prestigious award as it recognises our sharp focus on offering innovative finance options such as SME Advance. The award has without doubt inspired us to leverage our capabilities for further expansion of this sector and growth within the region," Williams said. SME Advance provides local small businesses with a secure finance option which will not see SME owners facing jail time for bounced repayment cheques – a chief differentiator for this product. Swift lending decisions can be made on client applications to allow businesses access to funds as quickly as possible. SME Advance has been specifically designed to suit smaller companies and thus does not require more than only basic financial and operational company information. The product also offers an interest-only period option for start-up businesses with tighter cash flow, an extended tenor of up to five years and a simple online application process. Business assets and collateral are not mandatory and the product has the flexibility of zero early settlement fees should a business wish to repay the loan early. "SMEs often struggle to gain access to basic financing facilities, which is surprising as they contribute extensively to the UAE economy. At Gulf Finance, we are committed to supporting these businesses by providing flexible finance solutions, such as SME Advance, which are easily accessible to local SMEs. We strongly believe that SMEs should be recognised as the growth engine that will lead global economic recovery," Williams concluded. SME Advance is applicable to a range of industry segments, with a clear focus on start-up and younger firms. With this new product, Gulf Finance can offer loans up to AED 250,000 to businesses with turnover of up to AED 1 million. Visit http://www.gulffinance.com/ # # # Gulf Finance is an ambitious, progressive finance company licensed and regulated by the UAE Central Bank. We operate in the commercial and consumer markets, offering a variety of straightforward lending and deposit based products. End
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