Dubai, 5 October 2015: Mohammed Bin Rashid Fund for SME Support (The Fund), a government initiative launched by Dubai SME on 12 April 2015 under a decree issued by HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has increased the maximum limit of its Seed Capital Loan from 500 thousand to one million dirhams, while keeping the five million dirhams' maximum limit for the Credit Scheme Loan which is offered by selected banks in the UAE and guaranteed by The Fund for up to 80%.

"This initiative is aimed at maximizing financial solutions available to Emirati entrepreneurs," commented Abdul Baset Al Janahi, Chief Executive Officer of Dubai SME and Managing Director of The Fund. "The financing limit was doubled due to the increasing demand on free of interest loans and the scarcity of financing solutions that support entrepreneurs to incorporate innovation and technology into their businesses, in line with smart digital solutions, and provide stronger presence in the market and increase their competitiveness."

Saeed Matar Al Marri, Deputy CEO of Dubai SME and Director of The Fund, said: "The role of The Fund is not limited to providing financial solutions. It also encourages entrepreneurs to benefit from the guidance provided by Dubai SME, whether at the initial stages of the project or throughout its operation."

"Entrepreneurs have the opportunity to benefit from training and development programs available at the KHDA-accredited Dubai Entrepreneurs Academy," added Al Marri. "Also available to them is the Government Procurement program which allows them to enter into contracts with local and federal government entities."

Backed by The Fund's assets which exceed 600 million dirhams, the seed loan is provided directly to entrepreneurs following the completion of the required procedures.

Projects considered by The Fund should be based in Dubai and fully owned by an Emirati. The Fund will monitor the funded projects through reviewing its business reports and field visits and offering advice to entrepreneurs as and when needed.

The Fund's operating model ensures its sustainability through re-investing the loan settlement to finance new projects. In addition to its financing role, The Fund will act as an incubator to innovative projects through Hamdan Innovation Incubator 'Hi2'.

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For further information:
Marwan Abu-Ghanem 
Media Director, Middle East
Hill+Knowlton Strategies
Direct: (04) 40 555 11
Mobile: 050 5598579
Email: marwan.abu-ghanem@hkstrategies.com

© Press Release 2015