Dubai offers interest-free loans to some businesses affected by heavy rains
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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 launched interest-free loans to support SMEs owned by Emiratis. The initiative aims to help SMEs that were hit by record rains last week recover and stabilize their operations.
The initiative, announced on Saturday, allows Emirati-owned SMEs to apply for interest-free loans of up to Dh300,000. Additionally, eligible companies will be granted a grace period of 6 to 12 months, providing them with the necessary time to repair or replace damaged properties and assets essential for the smooth operation of their businesses.
Abdul Baset Al Janahi, CEO of Dubai SME, said the organization is to support the affected SMEs in overcoming the challenges posed by the recent weather conditions. Al Janahi highlighted the collaborative efforts with partners to explore various ways of mitigating the effects of the rainfall and facilitating a swift recovery process.