Supporting small and micro enterprises

TDT | Manama

The Tamkeen Labour Fund has begun disbursing the first instalment of financial support to small and micro enterprises following the successful evaluation of their applications.

Tamkeen chairman Shaikh Mohammed bin Essa Al Khalifa confirmed that, alongside national efforts, Tamkeen is supporting the private sector by off-setting the impact of the global spread of the coronavirus (COVID-19) through its Business Continuity Support Programme.

The programme is providing financial grants to adversely affected small and micro-enterprises to help them cover their operating expenses. Shaikh Mohammed noted that Tamkeen has received more than 17,000 applications for the programme in the span of two weeks.

The instalments of the financial grants will continue to be disbursed over the next period until all requests are completed. The programme classifies small and micro enterprises based on the categorisation of the Ministry of Industry, Commerce, and Tourism.

Through the programme, these adversely affected enterprises receive financial grants to partially support them with their basic operating expenses to help continue their operations in light of the current situation.

Throughout the process, evaluators assess the overall impact the COVID-19 spread has had on the business to decide on the value of monthly payments, which will be disbursed over a period of three months. During this stage, the applications are being reviewed to evaluate the requests.

In addition, this is also done to ensure that the enterprise has been activated based on the commercial records of the Ministry or the official authorities according to e-government records, in order to verify the categories eligible for this support programme and to ensure that it reaches the largest possible segment of this group.

Tamkeen chief executive Dr Ebrahim Mohammed Janahi reiterated that the programme primarily targets small and micro enterprises, which are those with fewer than 50 employees and with annual revenues that do not exceed BD1million, based on the standards outlined by the Ministry and as per the records of the National Bureau of Revenues.

Dr Janahi further stated that all applications will be looked into and evaluated individually based on the information submitted, to help support as many enterprises as possible.

Once the first payment is received, enterprises will have to go into the online portal and upload receipts for their expenses on a monthly basis. In case customers need to refer to the customer service centres, they may book in advance online to schedule their visits for their own safety and convenience.