FGB wins ‘SME Bank of the Year’ award

FGB, one of the leading banks in the UAE, was recently honoured at the 2015 Arabian Business Startup Awards for its ongoing efforts to support small and medium-sized enterprises (SMES) in the UAE. The bank was named ‘SME Bank of the Year’ at a special gala dinner which was held at the Ritz Carlton DIFC hotel in Dubai and attended by over 300 guests.

The Arabian Business Startup Awards were launched to celebrate entrepreneurs, SMEs and startup businesses across the UAE and beyond. The 2015 edition of the awards recognised the people, businesses and organisations that have helped to shape the region’s business landscape, driving innovation, growth and productivity. The awards were judged through an initial nomination process, before the finalists were shortlisted by a judging panel consisting of representatives from the Arabian Business editorial team and ITP Executive Publishing management.

Sai Aroor, Head of Business Banking at FGB, said: “We’re honoured to receive this SME Bank of the Year award, which is testament to our ongoing efforts to help UAE SMEs grow and succeed. SMEs are vital sources of innovation and essential to our country’s economic growth. FGB is actively committed to driving entrepreneurial development and supporting the needs and ambitions of young growing businesses in the UAE. This accolade reflects our achievements in creating a unique spectrum of leading products and services for SMEs, to help them develop and become a driving force in our economy.”

He continued: “We have around 350,000 SMEs operating within the UAE today, which represent almost 92% of the total number of UAE companies, more than 86% of jobs in the private sector and 60% of the country’s GDP. Accessing crucial financial support however, is often difficult for SMEs. As a local bank, we have a responsibility to support and help these companies to secure the funding they need to take their business to the next level.”

Neil King, Editor of Arabian Business StartUp magazine, said: “Start-ups in the region have traditionally had a difficult relationship with banks, with lenders unwilling to fund new businesses given the high risk involved. FGB is changing this mind-set with its ‘Startup Proposition’, which is not only a bold move by the bank, but also a vital one for start-ups across the UAE. Our judging panel chose FGB as the bank of the year for this very reason, praising its commitment to developing new businesses in a way that other banks have so far been unwilling or unable to do. We would like to congratulate FGB for its bravery on this front, and for providing a potential lifeline for start-ups in need of finance.”

Earlier this year, FGB became the first bank in the country to launch a financing package for start-up businesses in the UAE. The ‘Startup Proposition’ provides UAE SMEs with a variety of financial solutions, including business current accounts, credit cards, start-up loans, overdrafts and trade/working capital facilities, with no collaterals required. The start-up package was launched to provide a one-stop financing solution to new companies and support local business owners throughout each stage of their business journey.

Through the proposition, UAE SMEs can access a no-minimum balance current account and platinum Visa business credit card in the first six months of operation, as well as an overdraft or a start-up loan after six months. Businesses within the first 18 to 24 months of operation have a combination of cash loans and trade facilities available to them.