Partnership now offers increased guarantee for commercial loans and Sharia-compliant invoice finance.
Dubai: The Mohammad Bin Rashid Fund for SME (MBRF), the financial arm of government agency Dubai SME, has expanded its partnership agreement with peer-to-peer lending platform Beehive.
Under a Memorandum of Understanding (MoU) signed last year, MBRF will act as guarantor for up to Dh500,000 in loans to Emirati-owned SMEs for up to 36 months.
The revised agreement extends the guarantee to Dh750,000, and adds the short-term Sharia-compliant invoice finance.
Abdul Baset Al Janahi, CEO of Dubai SME, said, “The agreement embodies Dubai SME’s commitment to supporting Emirati entrepreneurs by providing them with superlative business solutions and empowering them to meet the rapidly changing demands of the business environment and various sectors.”