More funds for Dubai-based SMEs

More funds for Dubai-based SMEs

Small and medium enterprises in Dubai that are fully-owned and managed by Emiratis can now obtain financing of up to Dh1 million backed by a 100 per cent capital guarantee and financed by Dubai SME's financial arm, the Mohammed bin Rashid Fund.Dubai SME, the agency of Dubai Economy mandated to develop the SME sector, said on Sunday SMEs in Dubai, in which Emiratis have a 50 per cent ownership and management rights, can obtain financing of up to Dh420,000, backed by 50 per cent capital guarantee.In the event of a particular company defaulting on repayment, the fund would take care of the outstanding capital and return the amount to investors, Dubai SME said in a statement."The valuation of a company applying for the loan improves once it is supported by