AUB POS lending service to promote SME growth
TDT | Manama
Ahli United Bank said it is further strengthening its commitment to supporting Small and Medium Enterprises (SME) in Bahrain through the launch of a lending product based on POS receivables. Unveiled recently, the full range of this product is offered specifically to business owners, proprietors, professionals, and companies.
AUB said it now provides access to credit to existing POS merchants against their POS card/wallet sales. The product, AUB said, will assist thousands of POS merchants, both existing and new, with cashflow/working capital requirements.
The offering is available to merchants who have had a successful track record in their existing business for at least 3 years. A credit facility of up to the average of 3 months’ sales turnover can be availed by the merchant upon their successful application. “We recognise that the market is currently underserved, and in response, we have devised this first-of-itskind product to help facilitate the easy availability of credit that will help boost market growth,” said Deputy Group CEO – Retail Banking, Suvrat Saigal.
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