Sharjah24: In continuation of their strategic partnership, Sharjah Media City (Shams) and Funding Souq (FS) have raised over AED 10 million through a dedicated program aimed at lending to licensed small and medium-sized startups and projects affiliated with Shams. The program is expected to reach AED 35 million in the near future, in order to further support the growing business community. This year marks the 100th loan that the program has issued.
Last year, Shams and Funding Souq signed a strategic partnership agreement to expand support for innovative media startups and provide new funding opportunities for small and medium-sized companies. Under the agreement, Shams paves the way for companies that need facilities to obtain loans and financing through Funding Souq, while the latter refers current or potential borrowers to Shams to benefit from its various facilities.
Dr. Khalid Omar Al Midfa, Chairman of Sharjah Media City (Shams), stated that the organisation is committed to creating an environment that supports entrepreneurship, innovation, and creative thinkers in the fields of media and creative industries, in line with the visions and directives of His Highness Sheikh Dr. Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah. Shams continuously strives to create new opportunities for individuals in the community and launch programs that support small and medium-sized startups and projects.
Al Midfa emphasised that the strategic partnership with Funding Souq, which aims to fund promising projects and boost their growth, has proven to be exceptionally successful in the past, based on the total value of growing investments and the number of companies that have benefited from the program.
Martin Jauone, the CEO of Funding Souq, stated that their partnership with Shams has greatly expedited the lending process by providing investors with a return of over 10% with almost no risks. He further expressed his satisfaction with working with Dr. Khaled Omar Al-Midfa, the Chairman of Sharjah Media City, and his team in creating a unique investment environment and supportive economic system for licensed small and medium-sized startups and creative media projects. This collaboration resulted in the first 100% capital guarantee program for creative and media businesses in the UAE.
Funding Souq - launched in the UAE in 2020 - offers flexible financing plans that range from 3 to 24 months. To date, the program has funded over 70 commercial loans, injecting over AED 10 million into the local economy and fostering growth in small and medium-sized enterprises.
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