You’ve finally decided to turn your dreams into reality. You are now ready to serve up that business idea that’s been simmering in your mind. All you need to do now is set the table and make sure that all the right ingredients have been put in to come up a business offer that will suit the palates of your selected guests.

The right ingredients

Getting funding is one of the main concerns when you’re starting, sustaining or expanding your small-to-medium business enterprise. Financial institutions can provide you with enough fuel to keep your business running.

A lot of small-medium enterprises (SMEs) thrive with the help of banks. Nowadays, banks have come up with helpful business banking solutions for small and medium enterprises as they navigate and strive to rise to achieve business success. On top of the business solutions that SMEs can choose from to fund their business, having a banking partner can make financial transactions easier to facilitate.

When cooking up a business, it is essential then, to look for a banking partner that can support your establishment’s financial needs. Here are some solutions that can answer your most pressing questions on how to choose the perfect bank for your business.

See if the bank you’re considering offers the following:

Solution #1: Business Accounts

Business accounts come with special privileges compared to personal accounts. If you are an SME owner, you may want to consider this as a solution as business accounts afford you greater financial flexibility.

Depending on your specific business need, you can have as low as AED 25,000 maintaining balance per month. Along with this, you can enjoy the assistance of a dedicated relationship manager, access to tellers at any branch spread across the UAE, multi-currency flexibility, access to chequebooks and easy 24/7 access to your funds through an ATM or debit card.

Aside from these, you can also enjoy online banking perks such as receiving your monthly statements via email, free internet banking on selected accounts, and preferential rates on payment transactions and internet banking.

Solution #2: Flexible business loans

When you are at this point in your business-growing career, there is a chance that you may need to borrow money.

Thankfully, there are banks that understand the plight of SMEs and thus have created a range of personal loan solutions for business building. You can choose from variable or fixed rates that can be tailored to your business needs. Some of the lending options are as follows:

●        Instant Business Loans: A collateral-free business loan that offers up to 48 months payment installments that usually requires minimal documentation and delivers fast approval.

●        Point-of-sale Receivable Financing: Enhance and expand your business by choosing a bank that offers to finance against PoS receivables without added collateral. This is a flexible option especially for businesses that usually use credit card machines for their daily transactions.

●        Commercial Assets and Equipment Finance: When your business expands, you might encounter the need to invest in commercial assets such as vehicles, special equipment, or machinery. This financing solution offers up to 100 percent funding for the items you need to purchase at flexible payment schemes, minimal documentation, and quick approval.

Solution #3: Working Capital and Trade Solutions

You can also choose to explore other flexible options depending on your business requirements. Some banks evaluate your working capital needs and create bespoke capital finance schemes that utilize fund or non-fund products.

Some of the services that you can choose from are:

●        Enterprise Credit: Created to address your short-term and working capital needs, this flexible commercial banking product extends a credit facility of up to AED 30 million to SMEs with an annual turnover of AED 150 million.

●        Invoice Discounting: This funding option offers to reduce working capital pressures by granting you access to funds and deal with your outstanding invoices.

●        Pre and Post Shipment Finance: This trade service offers urgent export financing so you will be able to pursue confirmed export orders without leaving a dent in your cash flow.

Expertly curated solutions

For your business to grow and prosper, you sometimes need to seek mutually beneficial business partnerships. Finding the right bank to provide you with services that target your business’ specific needs is one way to do this.

When you do your research and take time to know the various services and packages that a bank offers, you can make more informed decisions. With the above mentioned business solutions that give you financial flexibility, you can be sure that the business you’re cooking up will certainly be a dish you will revel in.