Legislative changes will encourage banks to further extend lending facility to small and medium enterprises (SMEs) and improve their access to finance, suggests a latest report.
"SME lending forms a very small proportion of the total corporate lending by some banks. A large proportion of
SMEs are crucial generators of employment and income, and champions of innovation and growth not only in the
The report unveils that the most effective way in which SMEs may achieve greater access to credit rests in the development of legislation and regulations governing secured transactions. "The ….. report recommends changes to the current legislative and regulatory framework surrounding the creation of security interests, with an intention to encourage banks to further lend to SMEs and in turn improve their access to finance," the report added.
A recent survey conducted among 18 UAE banks to assess the current lending practice to SMEs and the drivers and barriers to SME lending, highlights the need for improvements within the current legal and regulatory framework governing security creation and the enforcement thereof. Most often,
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