Sharjah Media City (Shams), the UAE's fastest growing media free zone, and Beehive, the UAE's first regulated peer to peer lending platform, have partnered to provide cheaper funding for small and medium sized enterprises (SMEs) in Shams.
Shams helps entrepreneurs and small businesses set up in a cost-effective free zone, providing support and opportunities for those wanting to start, relocate or expand their business in Sharjah. The new partnership with Beehive makes this process even easier and cheaper by giving Shams' SMEs access to low-cost finance up to AED500,000 ($136,100) through Beehive's regulated peer to peer lending platform to aid their growth. Businesses that can benefit from this scheme must be in the creative or media industries.
Dr Khalid Omar Al Midfa, Chairman of Sharjah Media City (Shams), said:"We are pleased to enter this partnership with Beehive, which is in line with our vision to grow Sharjah as an entrepreneurial hub. Shams is firmly establishing itself as centre for many innovative and creative business startups, and we are pleased to play a part in the growing SME economy within the region.
"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."
Craig Moore, Founder and CEO of Beehive said: "It's great to see Shams supporting the growth of SMEs to enrich the UAE's economy as a whole. Sharjah has a rich cultural history, making it an ideal place for creative SMEs to flourish." – TradeArabia News Service