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Tue 2 Jun 2020 03:40 PM

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Rent postponement, easier access to financing part of Dubai SME package

New package includes remote advice and training on navigating challenges during Covid-19

Rent postponement, easier access to financing part of Dubai SME package

The package by the Dubai Economy agency also includes remote advice and training.

From postponing rent payment to allowing easier access to SME financing, the new Dubai SME package includes new initiaitves to help the city's entrepreneurs navigate Covid-19-related challenges.

The package by the Dubai Economy agency, which is mandated to develop the small and medium enterprise (SME) sector, also includes remote advice and training.

The Hamdan Innovation Incubator (Hi2) is postponing the collection of rents for three months, and offering a fee reduction of up to 20% on the programme's Private Office package, while a total of 75 entrepreneurial projects currently being incubated will continue to receive development support and advisory remotely through audio-visual systems.

Dubai SME's financial arm, Mohammed Bin Rashid Fund for SME (The Fund), also announced a support package that includes loans to support business continuity of projects, a three-month grace period for loan repayments and easier access to financing for more SMEs.

Moreover it is offering zero-interest financing to Dubai SME members struggling to meet obligations relating to operational expenses, such as salaries and rents, and is providing online financial consultancy services.

On the other hand, the Dubai Entrepreneurship Academy (DEA), the educational arm of Dubai SME, is providing remote educational lectures and has already addressed 1,194 entrepreneurs in 18 virtual sessions.

Dubai SME is also providing development advisory sessions for start-ups remotely, and has already provided a total of 101 sessions.

Below is an overview of Dubai SME support services provided from 17 March to 21 May 2020:

  • Exemptions granted for establishing 108 new Emirati enterprises as part of the incentives provided by Dubai SME
  • The Mohammed Bin Rashid Fund for SME conducted 264 financial consultancy sessions for SMEs and approved installment deferrals of 23 funded projects.
  • Dubai Entrepreneurship Academy initiated 21 remote training courses, and had a total of 1,359 attendees.
  • 185 requests received for registrations in the Government Procurement Programme, which enables Dubai SME members to obtain contracts for government purchases
  • 137 Dubai SME members benefitted from the Commercial Promotion Service for entrepreneurs
  • The Hamdan Innovation Incubator (Hi2) held 625 meetings with customers, partners, and government agencies

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