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Frequently Asked Questions
The cost of borrowing varies depending on the internally generated risk rating and the tenure of the loan. The fee varies from a one-off of 2-5%. Funding Souq doesn’t charge any additional fees.
Yes, businesses can have more than one funding request at any point in time. However, a business must have made several successful repayments on their existing facilities prior being approved for a second facility.
Businesses undergo a due diligence process that is led by the credit team. The risk assessments analyse business and financial performance as well as qualitative facts such as the strength of the management team, industry sentiment and others. The process also includes a site visit.
Repayments can be settled early with no penalties.
Repayments can made either be processed electronically through bank transfers or post-dated cheques can be issued in line with UAE banking practices.
Businesses need to be established in the UAE with a minimum of 2 years of trading. The venture needs to have $1 million of revenue, a strong track record and profitable or on path to profitability. All businesses will undergo extensive due diligence through the credit assessment process.
Campaigns need to be fully funded for them to be classified as complete. In case it fails to generate enough interest, the collected funds are distributed to their beneficial owners. An oversubscription is not possible as the funding campaign automatically closes on completion.
Funding Souq offers financing between AED 50k - AED 500k on terms of 3-24 months.
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