Dubai, 27th September, WAM – The innovative BeeHive platform provides an opportunity for institutions or individuals wishing to invest in startups to reap rewarding investment returns, encourage relatives and friends to financially support their relatives’ projects, and earn profits in return for their participation in financing these projects, with the guarantee of the Foundation Mohammed bin Rashid for the Development of Small and Medium Enterprises, one of the Dubai economic institutions, which stimulates economic growth and helps this important segment of companies to develop and consolidate their foundations.
The Dubai-based Beehive platform is the first fintech platform authorized to engage in “peer-to-peer” lending activity in the Middle East and North Africa region, and is registered with the Dubai Financial Services Authority, in the Dubai International Financial Center.
The platform uses innovative technology to connect companies seeking fast and affordable financing with investors who can help finance their growth.
Saeed Matar Al Marri, Deputy Executive Director of the Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development, said: “The Foundation is committed to providing and making available innovative financing solutions for small and medium enterprises in line with the directives of the wise leadership on the necessity of providing the appropriate environment to support business continuity and small and medium-sized enterprises in particular, which It constitutes the majority of the companies operating in the emirate.
He pointed out that the “BeeHive” platform provides an innovative solution to provide crowdfunding by providing the opportunity for investors to participate in supporting emerging projects, in a safe and secure manner, which in turn benefits and promotes growth for projects and investors alike. ”
He added that small and medium-sized companies can benefit from the Beehive platform, by logging into the website www.beehive.ae, registering with it and then subjecting the company to a qualification test to obtain the loan, and the company applying for the loan is required to provide a bank statement and the personal data of the real beneficiary. In addition to its audited financial data .. Noting that in the event that the company passes the immediate test and evaluation, the offer of the loan value that the company can obtain, the return on profit resulting from it, and the period during which the payment must be paid will be presented.
He pointed out that the company applying for the loan submits the application, and the offer of the loan is put on the platform to make it available to investors within 2-5 working days, so that the amount can be collected and contributed by individual or corporate investors.
He pointed out that, in general, the loan amount is collected within a maximum of two weeks, and the company itself may obtain an additional loan, after completing the payment of the first loan.
On the other hand, the “Beehive” platform constitutes a unique opportunity for investors, whether individuals or companies, by registering and opening a free account on the platform. After registration, the investor’s account and data, and his credit account are audited in order to prevent any fraud or avoid the entry of fictitious investors. The investor is not required to hold Residency in the UAE.
The minimum investment through the platform is 100 dirhams, and the investor can choose the loan or company he wishes to invest in. The expected annual return and profit ratio for the investor is about 10% of the investment value, and it depends on the term of the loan, whether it is for a period of 12 months or 24 months or 36 months.
Profits are deposited into the investor’s account on a monthly basis, and the investor can withdraw his investment at any time, provided it is not linked to a valid loan .. As for contributing to a specific loan, the investor can put his investment for sale or wait until the loan repayment period ends .. The investor can also contribute to More than one loan at the same time.
Small and medium companies in Dubai, fully owned and managed by Emiratis, can obtain financing of up to one million Emirati dirhams, backed by a 100% capital guarantee, financed by the Mohammed bin Rashid Fund to Support Small and Medium Enterprises “The Fund”, from the program The guarantee is worth 20 million dirhams .. While small and medium companies in Dubai owned and managed by Emiratis with a minimum rate of 50%, can obtain financing of up to 420 thousand dirhams, provided that they receive a 50% capital guarantee support.
The guarantee provided by the “fund” contributes to motivating investors to participate in lending and support small and medium-sized companies, so that in the event that a particular company fails to pay, the fund takes care of the capital and returns the amounts to the investors, and the evaluation of the company applying for the loan increases once it is supported by Before the fund, which enhances the confidence of individual or corporate investors in it.
In the event that the loan is of a short-term type, all companies eligible for this financing are allowed to postpone payment for a period of three months at the beginning of the loan period, followed by the payment of payments according to a specified schedule .. As for the working capital loan, the repayment period within it is 150 days, and it is The profit rate on the loan is about 0.8% per month, which gives investors attractive returns.
It should be noted that the capital guarantee covers only short-term loans and does not include the working capital loan.
The Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development has allocated 25 million dirhams to the capital guarantee program, managed by its financing arm, “the Fund” and the Behavior platform. The total number of loans registered in this program has reached 220 loans since the beginning of this year so far with a value of more than 19 million Dirhams, compared to 16 million dirhams, the value of loans in 2019, with a total of 280 loans.
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