Dubai SME announces interest-free loans for businesses affected by severe weather
Special incentive allows Dubai SME members to repair or replace damaged properties
Dubai: Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), a subsidiary of the Dubai Department of Economy and Tourism (DET), has announced an initiative to support businesses affected by the recent adverse weather. The initiative provides financial assistance through new interest-free loans and grace and postponement periods for existing loans taken by Emiratis who own small and medium-sized enterprises (SMEs).
The launch of this initiative by the Mohammed Bin Rashid Fund for SMEs, part of Dubai SME, aims to enhance further recovery efforts to support and stabilise businesses affected by the adverse weather conditions experienced in the UAE recently.
The special incentive for Dubai SME members allows eligible companies to obtain interest-free loans of a maximum of Dh300,000 with a grace period of 6 to 12 months to repair or replace damaged properties necessary for the smooth functioning of their respective businesses.
Furthermore, the new initiative provides interest-free business loans for material damages and postpones loan repayments for 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.
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 submit the required documents to the Fund’s designated relief financing committee via the Mohammed bin Rashid Fund for SME website, www.thefund.ae , or contact the customer service centre at 600 555 559.