Dubai SME Announces New Support for Businesses Affected During Heavy Rains
Due to heavy rain in the UAE, Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), a subsidiary of Dubai SME, has announced a new initiative aimed at providing support to businesses impacted by the inclement weather.
The initiative, directed by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, aims to enhance recovery efforts and stabilise affected businesses.
Under this initiative, Dubai SME members who own small and medium-sized enterprises (SMEs) will have access to financial assistance in the form of interest-free loans.
Dubai SME members allows eligible companies to obtain interest-free loans of up to AED300,000
Additionally, grace and postponement periods will be offered for existing loans, providing further relief to Emirati business owners.
The aim is to facilitate a swift recovery and ensure the smooth functioning of affected businesses.
“Under the direction of His Highness Sheikh Mohammed bin Rashid Al Maktoum and the follow up and guidance of H.H. 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,” Abdul Baset Al Janahi, CEO of Dubai SME, said.
The special incentive for Dubai SME members allows eligible companies to obtain interest-free loans of up to AED300,000 with a grace period of 6 to 12 months.
These funds can be used to repair or replace damaged properties essential for the smooth functioning of their respective businesses.
This initiative highlights the commitment of Dubai SME to stand by the affected SMEs and support economic sustainability within the SME community.
The new initiative further extends its support by providing interest-free business loans for material damages and offering postponement of loan repayments for affected business owners who are members of Dubai SME.
This assistance aims to alleviate the financial burden and enable businesses to resume their operations as quickly as possible, thus contributing to the revitalisation and development of Dubai’s economy.
Affected Dubai SME members are encouraged to submit the required documents to the Fund’s designated relief financing committee via the website of Mohammed bin Rashid Fund for SME, or contact the customer service centre.
