Sharjah Media City (Shams) has entered into a strategic partnership with the venture debt platform Funding Souq to expand support for entrepreneurial ventures in the media sector and add new financing opportunities to its portfolio that target innovative startups and SMEs.
The agreement aims to provide innovative financing facilities for startups and SMEs through Funding Souq’s crowdfunding platform while Shams offers loan repayment guarantees.
Founded in 2020, Funding Souq operates a loan crowdfunding platform under authorization from the Dubai Financial Services Authority (DFSA), which acts as an online marketplace where borrowers connect directly with lenders willing to provide them with loans between $20,000 and $150,000.
“Securing funding remains among the most daunting challenges for start-ups to overcome at various stages of their development, and as part of our mission to build an environment that supports entrepreneurship, innovation, and creative thinkers in the media and creativity sector, Shams sought to set up new opportunities for our community of start-ups and SMEs to benefit from. The strategic partnership with Funding Souq will bring advanced solutions to this issue not only for our community but also for innovative media companies from the wider ecosystem where we can see promising growth opportunities.”
Under the agreement, Shams will introduce businesses in need of loan facilities to Funding Souq, while the latter refers existing borrowers or potential ones to Shams, where the most promising ventures can be allowed to benefit from Shams’ various facilities.
According to the statement, the program offers flexible financing schemes ranging from 3 to 24 months and has already registered its first beneficiary and success story with an IT solutions provider technology consulting firm Pansoft.
“Funding Souq is thrilled to partner up with SHAMS and contribute to the prosperity of SMEs in the UAE. This partnership will allow Funding Souq to accelerate its support towards media and tech companies by offering quick and reliable business loans,” commented Mr. Martin Jaouni, CEO of Funding Souq.