The Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), a key driver of economic growth in the emirate, has unveiled a critical support package for businesses impacted by the recent severe weather. This initiative aims to bolster recovery efforts and empower SMEs to navigate the challenges brought on by the exceptional weather conditions.
Dubai SME, a subsidiary of the Dubai Department of Economy and Tourism (DET), recognizes the crucial role SMEs play in the emirate’s economic diversification and dynamism. Through the Mohammed Bin Rashid Fund for SMEs, the organization will provide much-needed financial assistance in the form of interest-free loans and flexible repayment options for existing loans.
Emirati-owned SMEs that have been demonstrably affected by the adverse weather can apply for these special incentives. Eligible businesses can access interest-free loans of up to AED 300,000 (approximately USD 81,600). This financial lifeline will provide them with the resources necessary to repair or replace damaged property essential for their day-to-day operations.
Furthermore, the initiative offers a grace period of 6 to 12 months on existing loans held by qualifying Emirati SME owners. This temporary reprieve will alleviate immediate financial pressures, allowing businesses to focus on recovery and rebuilding efforts.
The launch of this support package underscores Dubai SME’s unwavering commitment to fostering a thriving and resilient SME ecosystem within the emirate. By providing timely and targeted financial assistance, Dubai SME empowers these businesses to overcome the setbacks caused by the exceptional weather and continue contributing to Dubai’s economic success story.
This initiative aligns perfectly with the Dubai government’s broader commitment to creating a supportive and encouraging environment for businesses of all sizes. By offering a helping hand during challenging times, Dubai SME demonstrates its dedication to fostering a dynamic and sustainable entrepreneurial landscape within the emirate.
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This article first appeared on The WIRE and is brought to you by Hyphen Digital Network
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