The Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development, a Dubai economic institution, has launched a series of initiatives to support startups and entrepreneurs in Dubai, in light of the repercussions resulting from the outbreak of the emerging corona virus (Covid-19).
The Foundation stated in a statement yesterday that the incentives and support measures that are being proposed included delaying rental dues and facilitating the access of finance to small and medium-sized companies, as well as remote assistance in overcoming operational challenges.
The importance of companies
The Executive Director of the Mohammed Bin Rashid Establishment for the Development of Small and Medium Enterprises, Abdul Baset Al Janahi, said that the support packages seek to address the main concerns of startups and entrepreneurs, in light of the exceptional circumstances prevailing, stressing that Dubai has shown a strong commitment to work closely with companies.
Al-Janahi stressed that stimulating small and medium companies, through timely assistance, complements and supports the entrepreneurial ecosystem in Dubai and enhances the emirate’s vision to be a global hub for this important sector.
Postponement of rents
As part of the support package, the Foundation's Hamdan Center for Creativity and Innovation (Hi 2) seeks to reassure entrepreneurs and innovators by delaying the collection of rents for a period of three months. Subscribers to the center's services can benefit from this delay in order to focus on developing their businesses.
A fee reduction of up to 20% will be offered on the "Private Office" package, one of the membership packages at the Hamdan Center for Creativity and Innovation, while entrepreneurial projects continue to receive support and consulting "remotely" through audiovisual systems.
The Mohammed Bin Rashid Fund for Small and Medium Enterprises Support, the financing arm of the Foundation, announced a comprehensive support package, which includes loans to support business continuity for projects benefiting from the fund, in addition to a three-month grace period to repay the loans, and facilitate access to finance for more small and medium companies.
The fund will provide interest-free financing to members of the institution, to support their obligations related to operating expenses, such as salaries and rents, in addition to providing financial advice online for entrepreneurship projects.
Distance training programs
Dubai Academy for Entrepreneurship, the educational arm of the Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development, offers distance training programs using the latest technologies to help entrepreneurs manage their projects in light of current challenges. She has already mentored and guided 1,194 entrepreneurs in 18 sessions.