# Information about business loans



## Xpat (Nov 12, 2008)

I need loans for my business. If anybody has done them, what are the procedures, which banks provide best terms and interest rates. If anybody here has experience please your advice will be appreciated.


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## Xpat (Nov 12, 2008)

any tips from business owners?


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## jander13 (Mar 12, 2009)

Very difficult to get business loans nowadays, 5 years ago i had gotten from emirates bank but now they are working hard to decrease banking facilities. My LC and Overdraft lines they are trying to decrease saying that the company isn't utilizing them enough. Punishment for not being in negatives!

I suggest talking to RAK bank. I contacted them a few weeks ago for additonal facilities and they said they would be willing to provide a loan and give me an overdraft line at the end of the loan term but they asked how long the company has been in the U.A.E. Our business have been running here for 5 years so I have no idea how lenient they are on more recent or new business but I do believe RAK bank is your best bet.


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## sgilli3 (Mar 23, 2008)

We also do all of our business banking with RAK bank, ( cheques, salaries etc)but cant help with the loan aspect (didn't/haven't borrowed funds with them).


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## Sumair (Aug 16, 2008)

Xpat said:


> I need loans for my business. If anybody has done them, what are the procedures, which banks provide best terms and interest rates. If anybody here has experience please your advice will be appreciated.



Dear Xpat, 

It depends on your business , type of activities, type of license , numbers of years in business etc etc. 

Some details will help in advising. Generally nowadays RAK bank is very much aggressive.


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## Xpat (Nov 12, 2008)

Well it's just started not even a year but I have ppl wo will give personal guarantee. It's LLC


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## Sumair (Aug 16, 2008)

Xpat said:


> Well it's just started not even a year but I have ppl wo will give personal guarantee. It's LLC


I am still not clear about the type of industry or location , but you will need, 

Finacial Projections for next five year , this must be compiled by an accredited firm.
Power of Attorney from your sponsor
Trade Licence copy
Chamber of Commerce licence copy
Rental agreement if any
current bank statement in the name of company
List of key personnel in your company , education , experience and salary
List of assets
List of properties
if partners are individual , then net worth statement of each of them , with bank statement copy
if partners are company then Audited balance sheet.


These are the initial documents, 

on the basis of these documents any bank can judge whether to provide loan if yes , then against what guarantee and rate.

Generally RAK bank is providing maximum upto AED 500,000/- financing without any guarantee.

Best of Luck!


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## Xpat (Nov 12, 2008)

went to HSBC , Union, Mashreq all said it would be very difficult... Will try RAK bank


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## Sumair (Aug 16, 2008)

Xpat said:


> went to HSBC , Union, Mashreq all said it would be very difficult... Will try RAK bank


Yes , for your specific case , i am unable to say anything without having full info. 

Best of Luck!


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## Xpat (Nov 12, 2008)

Sumair said:


> Yes , for your specific case , i am unable to say anything without having full info.
> 
> Best of Luck!


oops sorry Sumair, it's in retial sector, went to RAK and told me no loans for start ups so I guess will have to try investor line.

Sumair u seem to know abt banks could you tell em which banks have good plans for SME bank accounts I want to open in a week, taking into account that I will constantly deposit cash. Saw mashreq, rak bank, hsbc is bad looking into first gulf and ADCB


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## Sumair (Aug 16, 2008)

Xpat said:


> oops sorry Sumair, it's in retial sector, went to RAK and told me no loans for start ups so I guess will have to try investor line.
> 
> Sumair u seem to know abt banks could you tell em which banks have good plans for SME bank accounts I want to open in a week, taking into account that I will constantly deposit cash. Saw mashreq, rak bank, hsbc is bad looking into first gulf and ADCB


PM me i will give some references in RAK bank , 

open account in DIB and RAK.


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