The Seller Financial Assistance program is an initiative to help sellers in UAE and KSA increase their revenue by providing them a bridge funding to procure stocks to sell as FBN (Fulfilled by noon). noon will facilitate the obtaining of a short-term loan from a third party provider, which can then be reimbursed by the seller within less than a year.
How can I apply?
Interested sellers can send an email to [email protected] ; noon will then check and validate their eligibility (check the eligibility criteria in the below section). Once selected, the seller will receive an e-mail notification with the link to apply for the SFA program.
- Invitation only program: only eligible sellers can benefit from the Seller Financial Assistance program. Please check the eligibility criteria in the below section.
- Short term financial assistance: the obtained loans will have to be reimbursed in 3 to 9 months depending on the seller's country.
- Lower fixed interest rates than what's offered in the market: SFA offers loans up to 300,000 AED in UAE and 500,000 AED in KSA at the below interest rates.
|Country||Loan Value||Fixed Interest Rate||Loan Term|
|UAE||AED 300,000||2.5%||up to 3 months|
|5%||up to 6 months|
|7.5%||up to 9 months|
|KSA||SAR 500,000||3.95||up to 6 months|
|5.98||up to 9 months|
- Fast loan disbursal: sellers can obtain their funds and invest in stock within 7 days from submitting all the required documents.
- 100% money to invested in inventory purchase to sell as FBN.
- Sharia Compliant loan approved by a Sharia board headed by Shiekh Yousef Alshubaily in KSA.
Who is Eligible?
Eligible sellers must have:
- An active store with noon selling via crossdock B2B, FBN, or both at the same time
- A sales history of a min of 3 months
- High gross merchandise value (GMV)
- Low returns and cancellations
- Low FBN%
- Recommendation from a noon account manager
- High warehouse performance rating
- Application form
- Signed copy of the loan terms and conditions
- Trade License (active)
- Emirates ID (owner & applicant)
- Copy of Passport and Visa page in case owner is Expatriate
- Latest Electricity Bill and Tenancy Contract
- Latest 3 year Audited financial statements (balance sheet- income statement- Cash flow statement). OR In-house financial statements if Audited financial statements are not available
- Last 12 months bank statement showing average balance (Excel and PDF format)
- Copy of Articles and Memorandum of Association of the company
- Application form (Simah Consent is inclusive) to be downloaded from the portal
- Signed copy of the loan terms & conditions
- Bank statement of the last three months (Establishment’s account that Noon transfer their sales proceeds).
- Zakat an income certificate
- VAT bills of the last four quarters
- Copy of Commercial registration / Article of association if Company
- Copy of borrower’s ID
- Certificate of SAGIA for foreign investors
- Financial statement from 2018 or last 12 months from Qawaem program in the Ministry of commerce website
Schedule of Charges
UAE (Amounts are in AED)
|Loan Term||3 to 9 months|
|Minimum Amount||25,000 AED|
|Maximum Amount||300,000 AED|
|Loan Processing Fee||1%|
|Late Payment fee||Interest rate x Installment delayed x (No of days delayed/365)|
|Early Closure Fee||1% of the remaining outstanding|
|Issuance of Clearance Letter||25 AED|
|DDA return charges||100 AED|
|Cheque return charges||100 AED|
KSA (amounts are in SAR)
|Loan Term||6 to 9 months|
|Minimum Amount||50,000 SAR|
|Maximum Amount||500,000 SAR|
|Security Deposit||10% of total financing amount*|
|Loan Processing Fee||1% for 6 months and 1.5% for 9 months. The processing fee will be refunded if cancelled by Alraedah|
|Pre-settlement Fee||3 weeks of profit|
*The security deposit of 10% will be transferred to the seller's bank account when the loan is fully repaid.
|Facility Amount in (SAR)||Security Deposit (10%)||Net Financing Amount||24 Weeks||36 Weeks|