Dubai Launches Interest-Free Loans for Rain-Hit SMEs

In response to the record rains that hit Dubai last week, the Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME) has launched a new initiative offering interest-free loans to affected Emirati-owned SMEs. 

This initiative, aimed at providing financial support and stability to businesses impacted by adverse weather conditions, underscores Dubai’s commitment to fostering economic resilience and recovery.

Financial Relief for SMEs: 

Under the programme, Emirati owners of SMEs can access interest-free loans of up to Dh300,000, with a grace period of 6 to 12 months, to repair or replace damaged properties crucial for business operations. 

Additionally, eligible companies may benefit from deferrals and grace periods for existing loans, providing much-needed breathing room for financial recovery.

Collaborative Efforts for Recovery: 

Abdul Baset Al Janahi, CEO of Dubai SME, emphasized the collaborative efforts with partners to mitigate the effects of the recent weather conditions and facilitate a swift recovery for affected SMEs. 

By providing essential financial assistance and support, Dubai SME aims to reduce disruption to regular operations and bolster the local economy, recognizing the vital role SMEs play in Dubai’s economic revitalization.

How to Apply: 

Affected Dubai SME members can submit the required documents to the Fund’s designated relief financing committee via the website of Mohammed bin Rashid Fund for SME or by contacting the customer service center. 

This streamlined process aims to expedite assistance to businesses in need and ensure a swift response to their financial challenges.