The Mohammed Bin Rashid Fund (MBRF) and finance platform Beehive signed a memorandum of understanding (MoU) to fund small and medium-sized enterprises (SMEs). This will enable SME owners in Dubai to receive loans for development and expansion at affordable rates through Beehive’s Group Finance Platform.
According to CEO of Dubai SME, Abdul Basset Al Janahi, the changing ecosystem of SMEs in Dubai has led to the need for financing solutions that help businesses grow. Craig Moore, founder and CEO of Beehive adds:”Our targets are businesses that have grown out of their startup stage and can stand on their own feet. For them, the need is access to financing in a timely manner because they don’t want to lose the momentum they have generated. So, generally we are looking at businesses that have already been operating in the market for more than two years.”
Moore adds that this partnership will provide funding to “pioneering” and “promising” SMEs, which in turn will help establish Dubai as an innovative hub worldwide.
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