Eligible businesses can access financing from AED 10,000 to AED 500,000 through Botim Business
Botim, the UAE’s leading fintech platform, has announced the expansion of its Botim Business ecosystem with the launch of SME Lending, alongside a partnership with Geidea, a leading fintech and payment solutions provider.
The digital financing solution is designed to make working capital more accessible to micro and small businesses across the UAE, with the Geidea partnership extending access to eligible merchants through its established network.
SMEs form the backbone of the UAE economy, accounting for approximately 94% of all businesses operating in the country and contributing more than 60% of non-oil GDP.
Facing challenges
Despite their importance, many micro and small businesses continue to face challenges accessing timely working capital to fund growth, including stringent eligibility criteria and lengthy application processes.
Botim Business SME Lending is designed to create a streamlined digital financing journey for micro and small businesses seeking working capital. Eligible businesses can access financing of AED 10,000 to AED 500,000, with repayment terms of up to 12 months, to support needs including cash flow, payroll, equipment and business expansion.
Growth with technology
“As the UAE works towards its ambition of reaching one million SMEs by 2030, our role is to support that growth with technology that helps smaller businesses access the financial tools they need to progress and prosper,” stated Dr. Tariq Bin Hendi, CEO, Botim and CEO & Board Member, Astra Tech.
As part of the launch, Botim Business is working with Geidea, a leading regional fintech and payment solutions provider, to extend SME Lending’s reach through Geidea’s network of UAE merchants.
“At Geidea, we are focused on helping merchants simplify operations and accelerate growth. Through our partnership with Botim Business, eligible merchants will be able to access financing opportunities through a more connected and streamlined experience,” commented Pankaj Kundra, CEO, Geidea UAE.
