<span>The Mohammed Bin Rashid Innovation Fund (MBRIF), a federal initiative that provides loan guarantees for </span><span>small businesses, has helped members </span><span>raise Dh61 million since its inception, according to a </span><span>Ministry of Finance official.</span> <span>MBRIF was </span><span>set up by the </span><span>ministry in 2016 but began operations at the beginning of 2017. It has two programmes – the loan guarantee scheme and an accelerator.</span> <span>"The success rate of such funds is quite low but we </span><span>[MBRIF] have beaten the past benchmarks," Younis Haji Al Khouri, Undersecretary of the Ministry of Finance, told </span><span><em>The National. </em></span><span>"Many successful businesses are coming out of this initiative, creating a number of new jobs … and this momentum will </span><span>pick up fast in the coming years."</span> <span>MBRIF's accelerator programme offers members </span><span>coaching and </span><span>helps enhance their growth potential by providing advice</span><span> on business plans, developing a people strategy and access to clients and </span><span>finance.</span> <span>The first batch of 18 members in the accelerator programme graduated in a special ceremony in Dubai on Tuesday. </span> <span>MBRIF has provided guarantees worth Dh15m to these businesses, said the fund. Mr Khouri said </span><span>the companies it has supported so far have created more than 50 jobs in different sectors in the country.</span> <span>The batch included an education technology company Englease.com, a mobile app offering augmented reality tours known as HoloGuide and a platform called Farmin that uses satellite technology to help farmers boost yields</span><span>.</span> <span>MBRIF is open to companies that have progressed beyond the concept stage and are already operational, both globally and in the UAE – provided they have a base in the country and seek to operate and grow in the Emirates.</span> <span>They also must operate within industry sectors prioritised in the UAE’s National Innovation Strategy, including renewable and clean energy, transportation, education, technology, health care, space and water.</span> <span>Nearly 37 industry experts are associated with MBRIF to mentor the 43 affiliates in its accelerator programme.</span> <span>“Our idea is to attract new global talent to the UAE that could contribute towards creating a knowledge-based economy. So far, we have been very successful in meeting this objective,” said Mr Khouri.</span> <span>Walid </span><span>Dib, co-founder and chief executive of a Dubai insurance start-up Addenda, said that MBRIF has played a "crucial role" in helping his company to raise </span><span>capital.</span> <span>"When we joined MBRIF, we were in the middle of a complex negotiation with Arab Bank. We actually did not know where the discussion was going and we were not very confident," Mr Dib, a Jordanian, whose company graduated on Tuesday, told </span><span><em>The National.</em></span> <span>“MBRIF conditioned us and helped to close our deal with the Arab Bank that raised fresh capital in six figures,” he said</span>