Tamkeen support fund benefits 1,200 firms
Manama, May 20, 2012
Tamkeen, Bahrain’s labour fund, has announced that a total of 1,200 enterprises have benefited from its BD10 million ($265 million) Enterprise Support Fund as of the end of April.
The fund, which re-opened applications from businesses earlier this year, comes as part of Tamkeen’s continuous effort to support and develop the private sector.
It was launched in June 2011 to enable distressed companies to cover recurring expenses and continue their normal business activities.
The Enterprise Support Fund has contributed a total of BD5.3 million in financial support to distressed small and medium enterprises which are eligible to apply for funding to one of three categories offering different grant amounts under the Enterprise Support Fund.
A grant amount of BD3,500 (Category 1), BD5,000 (Category 2), or BD10,000 (Category 3) is allocated to the applicant. As of the end of April, 850 enterprises have benefited from funding under Category 1; 235 enterprises under Category 2, and 115 enterprises under Category 3.
Tamkeen Private Sector Support senior manager Mohammed Bucheery said: "Tamkeen set up the Enterprise Support Fund to help meet the needs of individuals and enterprises in the private sector by supporting their sustainability.”
“In total, 1,200 enterprises have benefited from the grants we are offering through the Fund as of the end of April which have greatly benefited SMEs by helping them overcome their financial problems and continue usual operations.
“The large number of applications submitted over a short period of time is testament to the financial support required by many businesses across Bahrain. Tamkeen will continue to support SMEs through the Fund as part of its commitment to developing and supporting Bahrain’s private sector,” he added.
The applicants are assessed based on several criteria, such as sustained decline in sales or revenues rendering the company unable to pay recurring financial obligations, such as loans and rentals.
Tamkeen has allocated about BD107 million for 2012 projects. These include 20 new initiatives this year. More than 22,000 people are expected to benefit from Tamkeen's various programmes this year. – TradeArabia News Service