In response to the unprecedented rainfall that swept through Dubai last week, wreaking havoc on small and medium-sized enterprises (SMEs) across the city, a new initiative has been launched to provide critical support to affected businesses.
The Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), a subsidiary of the Dubai Department of Economy and Tourism (DET), announced on Saturday the rollout of interest-free loans tailored specifically for Emirati-owned SMEs grappling with the aftermath of the deluge.
Under this comprehensive program, Emirati entrepreneurs who own SMEs will not only have access to interest-free loans but also benefit from deferrals and grace periods for existing loans.
This initiative marks a concerted effort to bolster ongoing recovery endeavors aimed at stabilizing businesses adversely impacted by the recent adverse weather conditions experienced in the UAE.
The UAE Central Bank has also extended its support by permitting local banks to defer personal loan installments for residents affected by the heavy rains.
This collective response underscores a commitment to alleviating the financial strain faced by individuals and businesses alike in the wake of the natural disaster.
Dubai SME members deemed eligible for assistance through this initiative will have the opportunity to secure interest-free loans of up to Dh300,000, accompanied by a grace period ranging from 6 to 12 months.
These funds are intended to facilitate the repair or replacement of damaged properties crucial for the seamless operation of their respective businesses.
By providing vital financial lifelines, the initiative underscores Dubai SME’s dedication to standing in solidarity with affected SMEs as they navigate the challenges posed by the recent weather events.
Abdul Baset Al Janahi, CEO of Dubai SME, emphasized the collaborative effort underway to mitigate the effects of the recent weather conditions and expedite the recovery process.
He highlighted the importance of working closely with partners to explore innovative solutions tailored to the unique needs of affected SMEs, underscoring Dubai SME’s commitment to facilitating a swift and robust recovery.
Affected Dubai SME members seeking assistance are encouraged to submit the requisite documents to the Fund’s designated relief financing committee via the Mohammed bin Rashid Fund for SME website (www.thefund.ae) or reach out to the customer service center at 600 555 559.
This latest initiative not only provides immediate relief to struggling SMEs but also underscores the pivotal role of SMEs in revitalizing and driving Dubai’s economy forward.
By extending a helping hand to businesses in their time of need, Dubai SME and its partners are working tirelessly to ensure the resilience and sustainability of Dubai’s vibrant entrepreneurial ecosystem in the face of adversity.
This article was created using automation and was thoroughly edited and fact-checked by one of our editorial staff members