Dubai introduces Interest-free loans for some businesses affected by heavy rains

asmaa - | Arab News

A recent announcement disclosed that small and medium-sized enterprises (SMEs) in Dubai, particularly those affected by the recent heavy rains, may now qualify for interest-free loans of up to Dh300,000, coupled with a grace period spanning 6 to 12 months.

The Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), a subsidiary of the Dubai Department of Economy and Tourism (DET), is spearheading this initiative to provide a lifeline to Emirati-owned SMEs struggling with the aftermath of the unprecedented rainfall.

In addition to the interest-free loans, eligible Emirati entrepreneurs can also avail of deferrals and grace periods for existing loans under this program. Its inception aligns with broader efforts to bolster recovery endeavors and stabilize businesses adversely affected by recent adverse weather conditions across the UAE.

The UAE Central Bank has likewise echoed support by allowing local banks to defer personal loan installments for residents impacted by the inclement weather. The Dubai SME initiative, specifically tailored for its members, provides a vital financial cushion, offering a substantial sum with a generous grace period to aid in the restoration or replacement of essential assets crucial for business continuity.

This proactive stance underscores the firm commitment of the Fund to stand shoulder to shoulder with affected SMEs, reaffirming Dubai SME's pivotal role in fortifying economic resilience within the SME ecosystem. Abdul Baset Al Janahi, CEO of Dubai SME, affirmed their concerted efforts in collaborating with partners to explore avenues for mitigating the repercussions of recent weather phenomena and facilitating a prompt recovery process.

To access the assistance, affected Dubai SME members are encouraged to submit the requisite documentation to the Fund's designated relief financing committee through the official website of the Mohammed bin Rashid Fund for SME or by reaching out to the customer service center.

By extending this support mechanism, Dubai SME aims to expedite the restoration process, enabling SMEs to resume operations swiftly and navigate the challenges posed by the recent adverse weather conditions, thereby fostering sustained economic vitality and resilience within the SME community.

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