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Small Percentage of Businesses Did Not Qualify for Tamkeen’s Business Continuity Support Program

by BTM

Tue, 05 May 2020

Small Percentage of Businesses Did Not Qualify for Tamkeen’s Business Continuity Support Program

Chairman of the Labour Fund ‘Tamkeen’, Shaikh Mohammed bin Essa Al Khalifa, has stated that Tamkeen has begun the disbursements of financial grants for the Business Continuity Support Program.

“A small percentage of the enterprises that have applied to the program did not qualify for the support as their enterprise’s size did not meet the criteria, whereby their staff may have exceeded 50 employees or their rate of revenue and capital exceeded the value of BD one million,” explained Shaikh Mohammed.

The evaluation process was made based on the sizes of the enterprises, whereby the program targeted adversely affected small and micro enterprises with the aim of providing them with financial grants that could help them cover a portion of their operating expenses.

The financial grants are part of the program’s limited budget, estimated at BD 40 million, making it impossible for an increase in the grants.

“Over 1,600 applications did not meet the requirements of the support program, those of which were medium and large enterprises, which do not qualify for the support since they can benefit from the Liquidity Support Fund which is held in partnership with a number of local banks,” he explained.

The initiative comes as part of the government’s economic stimulus package to combat the repercussions caused by the spread of Coronavirus (COVID-19) on the national economy, alongside other initiatives. This includes the suspension of the fees of the Labour Market Regulatory Authority, electricity and water bills, loans and more, with the aim of reducing the effects and contributing to supporting the business continuity of enterprises in the Kingdom.

Shaikh Mohammed noted that Tamkeen has been supporting the private sector lately, especially under the current circumstances. “It is a profound and unique national step, which emphasizes supporting entrepreneurs and their enterprises, to enhance the economic sustainability of the country in addition to their professional growth,” he said. 

Tamkeen will reopen the application for the Business Continuity Support program for small and micro enterprises from Wednesday, May 6 to Monday, May 11.

Additionally, as of Tuesday, May 5, the application for support will be open to taxicab drivers, driving instructors, and kindergarten workers who are not registered with the SIO. These categories may apply to the support program by filling out an application form that allows them to obtain their compensations.

“The main goal of this support program is to identify the emergency cases of the adversely affected enterprises, particularly the small and micro ones that were founded or co-founded by Bahraini businessmen,” said Shaikh Mohammed.

Through this program, Tamkeen is working on reducing the adverse effects inflicted on these enterprises by providing the necessary support based on their size, with a budget estimated at BD 40 million, to serve the largest possible segment.

For more news and updates, click here: https://www.bahrainthismonth.com/updates/news

#TAMKEEN #BAHRAIN LOCAL BUSINESS #CORONAVIRUS #COVID19 IN BAHRAIN #BAHRAIN LOCAL NEWS

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