Entrepreneurs are often referred to as the backbone of economies, the engines of economic gth. They not only create opportunities for themselves, but for others as well who are looking for jobs or business ventures. The process, thus, help contribute to economic development in the country.
The entrepreneurs behind these small and medium enterprises, and most recently startups, have common traits—they are risk-takers with hopes and ambitions. They are essentially motivated to make financial gains while creating employment opportunities for others. For some entrepreneurs, it’s about making a difference to communities and people they want to serve.
Whatever their motivations are, the bottom-line is that these SMEs stimulate the economies by their innovative ways in creating new products and services or as business opportunities for various industries.
Countries around the world have different programs and projects geared towards helping entrepreneurs. The UAE is among those nations paying special attention to SMEs needs. And this year, its efforts are rewarded with the distinct recognition as the top country in Global Entrepreneurship Index 2022.
The Global Entrepreneurship Monitor (GEM) is the top global reference in entrepreneurship for countries and international organisations such as the World Bank, International Monetary Fund, Organisation for Economic Cooperation and Development (OECD), World Intellectual Property Organisation (WIPO) and United Nations organisations.
GEM’s annual report, the largest study on entrepreneurship and its activities in the world, pointed out the UAE has achieved an improvement on 11 out of the 13 axes covered by its index. The country achieved high rates in indicators such as the availability of good opportunities to start a business; the availability of skills, knowledge and experience to start a business; confidence in the ability to meet the challenges posed by COVID-19; plans to use digital technology to develop business; and the ability of entrepreneurship projects in the country to generate new job opportunities in the coming years.
Despite the pandemic, the UAE, through its unique entrepreneurship model has attracted more than USD1 billion in venture capital for the first time in its history, the government announced. It also launched the “Projects of the 50’s” to develop incentives for national entrepreneurship and to facilitate the largest of their kind partnerships between the public and private sectors.
e&(formerly known as Etisalat Group) is one of the world’s leading technology and investment conglomerates with operations across more than 16 countries in the Middle East, Africa and Asia, is among the major entities that entrepreneurs can always depend on not just on mobile, internet and other digital services, but on banking as well.
With Etisalat UAE’s Hello Business Hub program, entrepreneurs in the UAE can apply for a business account at RAK Bank within minutes. Applicants will get an account number instantly and even earn cashback on funding the account.
Etisalat UAE’s partnership with RAK Bank also comes with other perks. By entering “Etisalat” as the Partner Code through the Quick Apply process, applicants for business current account can enjoy “No maintenance fees.”
So, why RAK Bank you may ask? RAK Bank has consistently been a major supporter of SMBs in the UAE, even when other financiers have pulled out of the sector due to market swings. The bank has 27 branches across the UAE and you can access your Business Current Account 24/7 through its digital banking platforms.
It also offers a low minimum balance and a choice of local and international currencies for Business Account holders. It also has a variety of Current and Deposit Accounts available to meet your specific needs.
RAK Bank also offers Business Loans, POS Finance, Asset Backed Finance, Real estate Finance, Working Capital Finance and Trade Finance, Cash management, Term and Working Capital Finance & POS solutions.
Banks have always played an important role in the gth and development of entrepreneurs. Apart from providing basic banking services, they also provide financial assistance and valuable inputs to promote businesses.
Apart from collecting and safekeeping your assets, and a convenient way to disburse the salaries of your employees, they also give out loans and advances when you need cash or fresh capital, a key element in your business gth. Paying the loan on staggered basis with a reasonable rate is also essential to keep your operations seamless while you slowly pay off your debt.
And when you have achieved gth, banks become your essential partner in ging your assets through various investment opportunities. They are in a position to advise entrepreneurs how and where to invest your money and how to manage so you can avoid faulty investment decisions.
A word of caution—banks can be your friend and your lifeline, or it could be your worst enemy, so choose well.