Fund gives out $67mn to small businesses

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FUND HELP: The Khalifa Fund to Support and Develop Small and Medium Enterprises helped 154 projects in 2008. (Getty Images)

A fund that aims to help small and medium sized enterprises in the UAE granted a total of 246 million dirhams ($67 million) in funds for 154 projects during the year 2008.

A report released by the Khalifa Fund to Support and Develop Small and Medium Enterprises (KFSME) on Monday said that Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, had raised the Fund's capital from 300 million to one billion dirhams.

Set up in June 2007, the KFSME initially included two programmes - Bedaya (start up), which provides seed capital and other zero-interest finance to the tune of three million dirhams, and Zeyada (expansion), tailored to fund expansion of existing projects with a maximum limit of five million dirhams.

As part of its quest to diversify its financing packages, the Fund has introduced a third programme, dubbed Khutwa, or step, aimed at supporting small enterprises such as vocational and home-based businesses, usually carried out by people with limited budgets.

2008 also saw the launch of the Al Marada programme which gives inmates at the correctional and punitive facilities the opportunity to join the business world.

The programme provides funding of up to 250,000 dirhams, plus training courses in technical fields to enable this targeted segment start viable and profitable businesses.

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