The financial institution, Mashreq has announced it is committed to supporting small and medium businesses (SMEs) in the UAE. Putting resources behind this claim, the firm’s business banking arm has announced a new partnership with NEO PAY, the digital payments organisation to make lending more accessible for SMEs in the region with the launch of a new point-of-sale (PoS) lending solution.

Following the new partnership, SMEs will be able to meet both their payment processing requirements as well as their funding requirements from the NEO PAY platform. With the new lending facility, merchants will be able to quickly access financing based on their sales data, reducing the need for lengthy loan approval processes or traditional credit checks and increasing financial stability.

With repayments tied to sales, merchants will also be able to ensure that their regular loan instalments align with their revenue, reducing financial strain during slower sales periods. The new lending facility will enable access to working capital for inventory, marketing or expansion needs, helping SMEs capitalise on growth opportunities without waiting for traditional loan approval.

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Source : https://thefintechtimes.com/making-lending-more-accessible-neo-pay-and-mashreq-business-banking-launch-pos-solution/