By Staff writer
New package includes remote advice and training on navigating challenges during Covid-19
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: