Weeks to get an answer. Months to get funded. And that’s if funding is approved. Over half of Small and Medium Enterprises (SMEs) are snubbed by traditional banks1. The rest face a painfully slow process riddled with bureaucratic red tape, hidden costs, and missed opportunities. In the end, they receive just 7% of all bank lending in MENA1. But there’s an alternative. Beehive’s digital platform beats the bank with fast, accessible, and hassle-free funding options. SMEs can check their eligibility online in minutes and get a response within days. Here are six reasons to snub the banks right back and become a Beehive success story instead.
1. Let’s get digital: faster funding, less stress
Beehive’s digital-first approach makes the funding process faster and easier by reducing paperwork and simplifying approvals. Our credit screening system leverages 10 years of expertise to assess financial information in a fraction of the time it takes traditional banks. On Beehive’s user-friendly platform, SMEs can:
- Check eligibility online
- Apply in minutes by filling out a short form
- Submit financial documents electronically
- Skip branch visits & excessive paperwork hassles
2. Easier access to business funding
Financing solutions are designed to meet the unique needs of SMEs, including those struggling to secure bank financing. Traditional banks require a strong credit history, 5-10 years of operation, and high collateral up to 150% of the financing amount2. That makes it nearly impossible for small businesses to get the funding they need when they need it most. Beehive makes financing accessible with realistic eligibility criteria.
Eligibility at a glance – SDB
|
Eligibility criteria
|
Small financing
|
Microfinancing
|
|---|---|---|
Eligibility criteria
Minimum operational years
|
Small financing
2+ Years & VAT Registration
|
Microfinancing
1+ Years & VAT Registration
|
Eligibility criteria
Annual revenue requirement
|
Small financing
SAR 3M+
|
Microfinancing
SAR 600,000K+
|
Eligibility criteria
Revenue % on bank statements
|
Small financing
80%
|
Microfinancing
80%
|
Eligibility criteria
Minimum cash cover ratio
|
Small financing
NA
|
Microfinancing
NA
|
Eligibility criteria
Debt-to-revenue limit
|
Small financing
60% of revenue
|
Microfinancing
60% of revenue
|
Eligibility criteria
No returned cheques (months)
|
Small financing
1+ Years
|
Microfinancing
1+ Years
|
Eligibility criteria
Collateral requirement
|
Small financing
No
|
Microfinancing
No
|
Eligibility criteria
Financial audits required
|
Small financing
Required for 2+ years
|
Microfinancing
Not required
|
Eligibility at a glance – GIB
|
Eligibility criteria
|
Term Financing
|
Working Capital Financing
|
|---|---|---|
Eligibility criteria
Minimum operational years
|
Term Financing
2+ Years
|
Working Capital Financing
2+ Years & VAT Registration
|
Eligibility criteria
Annual revenue requirement
|
Term Financing
SAR 2M+
|
Working Capital Financing
SAR 2M+
|
Eligibility criteria
Revenue % on bank statements
|
Term Financing
80%
|
Working Capital Financing
80%
|
Eligibility criteria
Minimum cash cover ratio
|
Term Financing
2.5x monthly bank installment
|
Working Capital Financing
2.5x monthly bank installment
|
Eligibility criteria
Debt-to-revenue limit
|
Term Financing
30% of revenue
|
Working Capital Financing
30% of revenue
|
Eligibility criteria
No returned cheques (months)
|
Term Financing
6 months
|
Working Capital Financing
6 months
|
Eligibility criteria
Collateral requirement
|
Term Financing
Yes
|
Working Capital Financing
Yes
|
Eligibility criteria
Financial audits required
|
Term Financing
Required for a rating (lower rating, more funding)
|
Working Capital Financing
Required for a rating (lower rating, more funding)
|
3. Less paperwork required
Beehive keeps it simple by only requesting standard documents that SMEs typically have on hand. These are required to verify the business’s legitimacy, legal status, financial track record, and ability to meet repayment commitments. Here’s what to expect:
|
Financial documents
|
Compliance documents
|
|---|---|
Financial documents
Audited financials or in-house management accounts for the most recent fiscal year, signed and stamped.
|
Compliance documents
Memorandum of Association and Articles (if applicable).
|
Financial documents
Year-to-date management accounts (profit & loss and balance sheet), signed and stamped.
|
Compliance documents
Certificate of Incorporation (if applicable).
|
Financial documents
Aging receivables and payables for the last two quarters.
|
Compliance documents
Holding company documents (if applicable).
|
Financial documents
Last 6 months of bank statements (all business accounts).
|
Compliance documents
Trade License.
|
Financial documents
VAT Certificate and screenshot of results for the previous 4 quarters.
|
Compliance documents
Ejari or Tenancy Contract of the company.
|
Financial documents
Beehive Application Form: Complete all sections, sign each page, and ensure each question is answered fully and accurately.
|
Compliance documents
Proof of identity (clear, coloured copies of passport, visa, and Saudi National ID) for all shareholders. Provide all copies, including for dual citizens or multiple passport holders.
|
4. Tailored funding solutions to suit your business needs
One size does not fit all. Beehive offers multiple funding solutions with flexible repayment terms and no early repayment fees. SMEs can choose between Term Financing, Working Capital Financing, small financing and Microfinancing based on their needs.
Funding options at a glance – SDB
|
Feature
|
Small financing
|
Microfinancing
|
|---|---|---|
Feature
Repayment terms
|
Small financing
12-60 months
|
Microfinancing
12-60 months
|
Feature
Early repayment fees
|
Small financing
None
|
Microfinancing
None
|
Feature
Funding amount
|
Small financing
SAR 300K - SAR 4M
|
Microfinancing
SAR 300K - SAR 1.5M
|
Feature
Interest rates
|
Small financing
5% for the management fees + 5% yearly
|
Microfinancing
7% for the management fees + 1% yearly
|
Feature
Repayment structure
|
Small financing
Flixible, monthly, qurterly, semi-annually
|
Microfinancing
Flixible, monthly, qurterly, semi-annually
|
Feature
Ideal for
|
Small financing
Established SMEs looking for capital
|
Microfinancing
Established SMEs looking for capital
|
Funding options at a glance – GIB
|
Feature
|
Term Financing
|
Working Capital Financing
|
|---|---|---|
Feature
Repayment terms
|
Term Financing
12-36 months
|
Working Capital Financing
12 month
|
Feature
Early repayment fees
|
Term Financing
None
|
Working Capital Financing
None
|
Feature
Funding amount
|
Term Financing
SAR 600K - SAR 10M (kafalah)
|
Working Capital Financing
Up to 80% of the invoice value
|
Feature
Interest rates
|
Term Financing
As low as 7.85% + applicable fees
|
Working Capital Financing
As low as 0.9% per month + applicable fees
|
Feature
Repayment structure
|
Term Financing
Fixed monthly payments over the term
|
Working Capital Financing
Short-term, invoice-based repayment
|
Feature
Ideal for
|
Term Financing
Established SMEs looking for capital to expand operation
|
Working Capital Financing
SMEs needing to bridge cash flow gaps
|
5. Sharia-compliant financing options
Looking for ethical, Islamic-compliant financing? Beehive is certified by the Shariyah Review Bureau (SRB), making it the first P2P platform in the world to confirm Sharia compliance independently. Now SMEs can access alternative borrowing solutions without compromising their values. How does it work?
Beehive uses the Murabaha cost-plus profit model. Instead of lending money and charging interest (Riba), financing is structured through commodity-backed transactions. Investors purchase commodities and resell them to SMEs at a pre-agreed profit margin. SMEs then sell the commodities to access the required funds. Repayments are made in monthly installments, covering the cost plus profit. This funding method aligns with Islamic financial principles by avoiding interest, excessive risk, and speculation (Gharar).
P2P services are regulated by the DFSA in the UAE and regulated by FSA in Oman, not by SAMA or the CMA in Saudi Arabia.
6. Supporting MENA SMEs for over 10 years
Beehive has been driving growth in the MENA region since 2014. Over the last 10 years, the platform has funded over 28,000 financing requests and injected SAR 3 billion into the economy. We’ve partnered with banks across MENA, which improves access to funding for SMEs in health care, food security, agri-tech, renewable energy, manufacturing, and technology. In the UAE, Beehive P2P Limited is regulated by the Dubai Financial Services Authority (DFSA); in Oman, Beehive Financial Technology is regulated by the Financial Services Authority (FSA), and in KSA, Beehive is registered as ‘Beehive Saudi for Technology and Information Systems’. Beehive is committed to serving the backbone of the economy. With over 15,000 registered investors, SMEs can seize opportunities and grow with fast, easy, and affordable funding from a safe and reliable source.
Key Takeaways
- Traditional Bank Challenges for SMEs: SMEs face significant hurdles with traditional banks, including time to secure the funding, hidden costs, and low approval rates. In the MENA region, SMEs receive just 7% of all bank lending, leaving over half rejected altogether.
- Fast and Accessible Funding with Beehive: Beehive’s digital platform offers hassle-free alternatives to banks. SMEs can receive funding responses within 7 working days.
- Tailored and Flexible Financing Solutions: Beehive offers customized funding solutions for SMEs, with flexible repayment terms and no early repayment fees.
- Sharia-Compliant Financing Option: Beehive is a certified by the Shariyah Review Bureau (SRB). Using the Murabaha cost-plus profit model, SMEs can access funds ethically while adhering to Islamic financial principles, avoiding interest and excessive risk.
- A Decade of Leadership in GCC: Over the past 10 years, Beehive has facilitated over 28,000 financing requests, injecting SAR 3 billion into the MENA economy.
In the UAE, Beehive P2P Limited, an e& enterprise company, is regulated by the DFSA. In Oman, Beehive Financial Technology SPC is regulated by the FSA. Beehive in KSA is registered as ‘Beehive Saudi for Technology & Information Systems’
References
1World Economic Forum. “Scaling up SME Access to Finance in the MENA Region.” World Economic Forum. March 2019. https://www.weforum.org/stories/2019/03/scaling-up-sme-access-finance-mena-region/
2Shell Foundation. “MENA Enterprises: Challenges and Opportunities.” Shell Foundation. August 2024. https://shellfoundation.org/wp-content/uploads/2024/08/shell_foundation_mena_enterprises.pdf