Dubai SME highlights effective approaches in securing funds for enterprise growth

Dubai SME, the agency of the Department of Economic Development (DED) mandated to develop the small and medium enterprise (SME) sector, recently organised two seminars to help entrepreneurs learn about the best means of securing funds to support business growth. 

The seminars, held under the www.smeconnect.ae umbrella of Dubai SME, were led by expert trainers well-versed in advising on establishing and expanding businesses across diverse industry sectors in the region. Over 130 people including Emirati and expatriate entrepreneurs, SME owners and managers attended the seminars. 

Attendees in the seminars were told about the various preparations and considerations involved in unlocking funds for business growth and expansion. The parameters that banks look into before financing a business as well as the right strategies that ensure faster access to funds were also highlighted by the speakers. 

“SMEs can attract capital like any enterprise provided they have a reliable business plan and can effectively address the questions that financial institutions or investors ask regarding risks and returns. Often it requires only simple changes in planning and operations,” commented Farid Karmostaji, Director of Entrepreneur Development Division of Dubai SME. 

“As a knowledge-sharing platform for SME development www.smeconnect.ae has a special emphasis on enabling entrepreneurs and SME owners to access funds through addressing investor concerns and inspiring trust,” Karmostaji added. 

Vikram Venkataraman, Director at Salvus Strategic Advisors JLT spoke, in the first seminar highlighting the importance of finding a bank that understands the needs of the business and provides the required funding. A credible business plan, audited financials and good track record are among the essentials to start the process of convincing a bank to support the business, he added. 

Addressing the second seminar, Dr Edward Roderick, Co-chairman and Managing Partner of Envestors MENA Ltd, emphasised the importance of embracing exemplary corporate governance practices that make a business investable. Investment models that different companies can explore to gain more funding and ways to evaluate beforehand the probability of a company attaining financing were also discussed in the seminar. 

Participants in the seminar were also able to receive valuable inputs on effective financing approaches from a successful businessman. 

Dubai SME launched www.smeconnect.ae to guide investors and entrepreneurs on setting up and growing their business in Dubai. The website provides guidelines and references to help entrepreneurs through the entire life cycle of their enterprises to achieve growth, promote social responsibility and manage profits and revenues.  

A special section for training programmes that help entrepreneurs enhance the performance of their projects through knowledge and learning is also part of the website. In addition, the site includes a special section on events and important occasions relevant to various business sectors.