Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), a subsidiary of Dubai Department of Economy and Tourism (DET), has announced an initiative to support businesses affected by the recent adverse weather, providing financial assistance through new interest-free loans, as well as grace and postponement periods for existing loans taken by Emiratis who own small and medium-sized enterprises (SMEs).
This initiative is aimed at further enhancing recovery efforts that are underway to support and stabilise businesses affected by the adverse weather conditions experienced in the UAE recently.
The launch of this initiative by Mohammed Bin Rashid Fund for SME, part of Dubai SME, is in response to the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to address the consequences of the unprecedented rainfall in the UAE.
Moreover, the initiative is within the context of the continuous follow up and guidance of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, to keep track of all developments related to this matter, ensuring the rapid recovery of all sectors. Mohammed Bin Rashid Fund for SME operates as part of Dubai SME to drive the development and diversification of the local and national economy.
Interest-free business loans
The special incentive for Dubai SME members allows eligible companies to obtain interest-free loans of a maximum of Dhs300,000 with a grace period of 6 to 12 months, to repair or replace damaged properties necessary for the smooth functioning of their respective businesses.
This highlights the Fund’s determination to stand by the affected SMEs to overcome the challenges, further consolidating the role Dubai SME plays in supporting economic sustainability within the SME community.
Furthermore, the new initiative provides interest-free business loans for material damages, and postpones loan repayments by affected business owners who are members of Dubai SME. This contributes to alleviating the financial burden and covering the costs of repair and replacement operations to resume business as quickly as possible and reduce the period of disruption to regular operations, as well as supporting the local economy, considering the significant role SMEs play in revitalising and developing Dubai’s economy.
Abdul Baset Al Janahi, CEO of Dubai SME, said: “Under the direction of His Highness Sheikh Mohammed bin Rashid Al Maktoum and the follow up and guidance of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum to overcome all challenges, we are collaborating with our partners to explore ways of mitigating the effects of the recent weather conditions that have impacted the country, facilitating a swift recovery.”
Affected Dubai SME members can provide the required documents to the Fund’s designated relief financing committee via the website of Mohammed bin Rashid Fund for SME www.thefund.ae or contact the customer service centre on 600 555 559.
tanvir@dubainewsweek.com
