Bahrain firms benefit from Tamkeen grant
Manama, September 22, 2011
More than 180 businesses in Bahrain have so far received government-backed grants to help them cope with the effects of the global economic crisis and the recent unrest.
Small and medium-sized enterprises (SMEs) have availed of Tamkeen's BD10 million ($26.5 million) Enterprise Support Fund.
This fund aims to help 2,000 distressed SMEs over the course of the next two years.
Among those who received the grant are Bahrain Medical Group, Bint Al Mukala Tailoring, Kuroof Trading Establishment and Reemoor Abayat.
Representatives of these companies were present to formalise the agreement during a special presentation at Tamkeen's headquarters in Seef.
The fund is open only to Bahrain-based SMEs with an active commercial registration.
It should have been generating an annual revenue of BD100,000 or less, have 50 employees or less, and must be active for at least a year.
The grants will be distributed in three categories, covering up to BD3,500, BD5,000 and BD10,000 respectively.
The funding will identify areas of expenditures, with all payments being made directly to the party to which the money is due.
These include premises rental, vehicle rental, insurance premiums, utility bills, Social Insurance Organisation fees and employees' salaries. – TradeArabia News Service