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Sharjah Media City (Shams) has teamed up with Beehive, a peer to peer lending platform, to provide funding to businesses operating in the emirate’s free zone.
The partnership will help small and medium sized enterprises (SMEs) access low-cost finance of up to 500,000 UAE dirhams ($136,000).
The funding support is open to businesses in the creative or media industries, according to a statement issued on Monday.
“We are keen to offer our support to SMEs, and this agreement enables us to extend a helping hand to entrepreneurs and small business owners looking to embark on their entrepreneurial journey in the emirate, allowing them to thrive and succeed,” said Khalid Omar Al Midfa, chairman of Sharjah Media City.
Beehive connects businesses looking for finance with investors. It has been facilitating funding assistance to SMEs for more than five years in the Gulf Cooperation Council (GCC) region and is regulated by the Dubai Financial Services Authority (DFSA) and the Central Bank of Bahrain.
Shams seeks to attract businesses, including start-ups and other business owners, who are looking to start, relocate or expand their business in the emirate.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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