2024-04-27 07:19:04
The Mohammed bin Rashid Establishment for Small and Medium Enterprise Development, one of the institutions of the Dubai Ministry of Economy and Tourism, unveiled the “Weather Affected Business Loan” initiative, which aims to provide financial assistance, including grace periods and deferral of repayment of existing loans, to citizen owners of small and medium-sized businesses that are members of the Foundation due to the exceptional climatic conditions that the country has experienced recently.
The launch of the “Mohammed bin Rashid Fund to Support Small and Medium Enterprises”, affiliated with the Foundation for this initiative, came in response to the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the Arab Emirates united and The Ruler of Dubai, may God protect him, to deal with the repercussions of the “deaf rumblings” that the country has witnessed. Finally, in light of the commitment of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and President of the State. the Executive Council, to monitor all developments related to this matter.
Interest-free loans
The initiative allows eligible companies to obtain interest-free loans of a maximum amount of 300,000 dirhams, with a grace period of six to 12 months, in order to repair or replace damaged goods necessary for their activity, as the Fund wishes to support it. by relevant small and medium enterprises, to overcome the challenges of this period, Consolidate the role of the Foundation in supporting economic sustainability within the Emirati small and medium enterprise community.
The initiative aims to provide loans to businesses for property damage without interest, as well as to extend the repayment period for loans owed to affected business owners who are members of the organization, helping to ease the burden financial burden on them, by granting them interest. free loans that alleviate the financial pressures resulting from the exceptional circumstance, and allow him to use financial resources that cover the costs of repair and replacement operations to return to work as quickly as possible and reduce the period of unemployment, as well as that support the local economy, as these businesses play an important role in the revitalization and growth of the local economy.
Joint work
Executive Director of the Mohammed bin Rashid Establishment for Small and Medium Enterprise Development, Abdul Baset Al Janahi, said: “In accordance with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the Arab Emirates united and Ruler of Dubai, May God protect him, as well as the follow-up of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, to overcome all challenges, regardless of their magnitude, we are keen to work together. with our partners in order to reduce the effects of the climatic situation which recently affected the country.
He added: “Wise leaders place the interest of the citizen at the forefront of priorities, and that is why we have launched an initiative to support citizen owners of small and medium-sized businesses, members of the Society, whose businesses have been damaged by bad weather. condition, to allow them to recover as quickly as possible and return to work at an accelerated pace. “With our awareness of the importance of the role that small and medium-sized enterprises play in supporting the economy and thus achieving the objectives of Dubai Economic Agenda D33, making Dubai one of the top three economic cities in the world.”
Member interests
For his part, Deputy Executive Director of the Mohammed bin Rashid Establishment for Small and Medium Enterprise Development and Fund Manager, Saeed Matar Al Marri, said: “As part of the directives of wise leaders to respond quickly to alleviate the burden of citizens. small and medium-sized enterprises members of the Foundation which have been affected by the repercussions of the exceptional climatic situation which… The State has prevailed during the recent period, and the Mohammed bin Rashid Fund to support small and medium-sized enterprises launched the initiative (Loan for companies affected by climatic conditions), to enable them to return to the rhythm of their activity as before, by providing them with financial support, as well as by extending the payment deadline for loan installments for a sufficient period of time. allow them to recover quickly and resume operations as before.
Al Marri stressed that the “Mohammed Bin Rashid Establishment for the Development of Small and Medium Enterprises” is committed to caring for and developing the interests of its member companies, and does not hesitate to provide support to them in all circumstances. , including these exceptional situations. and even wants to advance them to advanced levels because we are aware that a strong economy depends on it. We have recognized companies that contribute to its continued growth, which is in line with the objectives of Dubai Economic Agenda D33, which aims to double the size of Dubai’s economy by 2033.”
This initiative, along with other joint efforts undertaken by various entities in the emirate, contributes to overcoming the repercussions of this exceptional climatic situation to restore momentum and achieve the objectives of the Dubai Economic Agenda D33, which aims to strengthen the emirate’s position among the three largest economic cities in the world, in addition to realizing the vision of wise government by making Dubai the best city in the world to live, work and visit.
set of standards
The Mohammed bin Rashid Establishment for the Development of Small and Medium Enterprises said those wishing to benefit from these loans must meet a set of criteria, including being a registered member of the institution or a beneficiary of the financing service of the “ Mohammed Bin Rashid Fund”. for support to small and medium-sized businesses.
The business establishment must also be entirely owned by Emirati citizens, its size must comply with the national definition of small and medium enterprises and it must provide evidence that it has been directly affected by the exceptional climatic conditions of the recent period. .
Applicants can provide the required documents via the digital platform of the Mohammed bin Rashid Fund for Support to Small and Medium Enterprises: “www.thefund.ae” or call the customer service center: 600555559.
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