Dubai-based telecommunications company, Tarkeeb has become the first small or medium sized enterprise (SME) to receive funds facilitated by Beehive under the recently renewed and expanded guarantee scheme with the Mohammed Bin Rashid Fund for SMEs (MBRF).
Tarkeeb is 100% Emirati owned and therefore qualified to receive a 100% capital guarantee loan from Beehive, with the capital guarantee coming from MBRF. This means that investors on Beehive’s platform will be reimbursed 100% of their outstanding capital by MBRF in the unlikely event that the business does not repay the financing, which significantly improves the risk profile of the borrowers. The new agreement is also beneficial for SMEs with the addition of a three-month payment holiday at the start of the loan term, to help them through the current climate.
During these challenging times Tarkeeb is privileged to work in the Telecommunication Sector executing projects classified as essential by the UAE Government. Therefore, it is business as usual but as always, Tarkeeb is committed to maintaining the well-being of its employees whilst executing Operations Nationwide.
Beehive has facilitated AED800,000 in peer to peer lending to Tarkeeb, and the company plans to reinvest the money so it can continue to support the country in this unprecedented time. Monies will be used to upscale operations to help business efficiencies improve as companies adjust to the new way of working.
Tarkeeb recently won the ‘Proud contributor to Dubai’s economy’ badge from Dubai SME, which is a testament to the companies’ hard work and unwavering support to the Emirate.
Dave Thackray, CTO and Director of Operations for Tarkeeb, said “Tarkeeb is delighted & honored to be the first recipient of this support from MBRF and Beehive. The funds will be used to strengthen and build our company’s resources to meet our customers’ expectations during this pandemic. We sincerely thank the MBRF and Beehive, it is reassuring to know that Dubai SMEs can receive material assistance at times like this.”
Beehive is privileged to facilitate finance to Tarkeeb, who is supporting local businesses at this time with a great deal of awareness and sensitivity. Beehives looks forward to a prosperous partnership with MBRF and playing a supportive role in the SME ecosystem during Covid-19 and beyond.