Beehive is leveraging its peer-to-peer funding platform to link small businesses with investors, providing short-term financing. Businesses will be able to list invoices that are due within 60 to 120 days and receive financing within 24 to 48 hours at rates starting from 0.75% per month.
SMEs have a particularly difficult time getting financing from banks, whose filing requirements and slower pace can result in considerable funding gaps for SMEs. The International Finance Corporation (IFC) estimates that the current SME funding gap in MENA has reached approximately USD260 billion.
Beehive’s offering will target the growth and development of the approximately 300,000 SME businesses operating in the UAE.
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