DED's Dubai SME to support impacted startups, entrepreneurs
The measures being offered include postponement of rent payment and easier access to SME financing
Dubai SME, which is an integrated division of the Department of Economic Development (DED) has implemented a package to support the small and medium enterprise (SME) sector as well as startups and entrepreneurs in Dubai who are dealing with the economic impact of the ongoing COVID-19 outbreak.
The measures which are aimed to ensure business continuity and sustainability, range from postponement of rent payment and easier access to SME financing, to remote assistance on successfully navigating operational challenges.
Speaking about the package and support offered, chief executive officer of Dubai SME, Abdul Baset Al Janahi, said: "The challenges communities and businesses worldwide are facing since COVID-19 underline the role and significance of SMEs in creating new economic opportunities, and in building resilient and sustainable enterprise. Dubai SME is exploring all avenues to ensure that SMEs in Dubai remain resilient and turn the present challenges into an opportunity to pursue further innovations and growth."
As part of the support package, Dubai SME's Hamdan Innovation Incubator (Hi2) programme is aimed at supporting entrepreneurs and innovators by postponing collection of rents for three months.
Beneficiaries of Hi2 can take advantage of the postponement and focus on developing their project. In addition, beneficiaries can also enjoy a fee reduction of up to 20%, as offered on the Private Office package of Hi2.
The Mohammed Bin Rashid Fund for SME, which is the financial arm of Dubai SME, has also announced a support package, including loans to support business continuity of projects benefitting from the fund as well as a three-month grace period for loan repayments and easier access to financing for SMEs.
The Mohammed Bin Rashid Fund for SME will offer zero-interest financing to Dubai SME members who are striving to meet operational expenses such as salaries and rents, in addition to online financial consultancy for entrepreneurial projects.
To conclude, Dubai Entrepreneurship Academy (DEA), which is the educational arm of Dubai SME, is providing remote educational lectures using the latest technologies to help entrepreneurs manage their projects in light of the current challenges.