Supporting small and micro enterprises

TDT | Manama

More than 1,600 enterprises that applied for financial grants under the Business Continuity Support Programme of Labour Fund Tamkeen did not qualify, according to Tamkeen chairman Shaikh Mohammed bin Essa Al Khalifa.

Shaikh Mohammed pointed out that these enterprises did not meet the programme’s criteria; either their staff may be exceeding 50 employees or their rate of revenue and capital exceeds the value of BD1million.

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

He reaffirmed that Tamkeen has begun the disbursements of these grants, which are a part of the programme’s limited budget of an estimated BD40million, making it impossible for an increase in the grants.

Shaikh Mohammed mentioned the 1,600 enterprises that did not meet the requirements is only a small percentage of the total that applied for support.

These were medium and large businesses, which do not qualify since they can benefit from the Liquidity Support Fund which is held in partnership with a number of local banks.

Shaikh Mohammed stressed that the initiative comes as part of the government’s economic stimulus package to combat the repercussions caused by the spread of the coronavirus (COVID-19) on the national economy, alongside other initiatives.

They include suspending 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 Tamkeen has been supporting the private sector, especially under the current circumstances, highlighting it as a profound and unique national step, which emphasises supporting entrepreneurs and their businesses, to enhance the economic sustainability of the country in addition to their professional growth.

He also pointed out that Tamkeen would reopen the application for the Business Continuity Support Programme for small and micro enterprises from today to Monday next week.

Additionally, as of yesterday, the application for support will be open to taxicab drivers, driving instructors, and kindergarten workers who are not registered with The Social Insurance Organisation.

These categories may apply to the support programme by filling out an application form that allows them to obtain their compensations. Shaikh Mohammed said the main goal of this support programme 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.

Through this programme, Tamkeen is working on reducing the side effects inflicted on these enterprises by providing the necessary support to the largest possible segment.

The Tamkeen chairman noted that redirecting the support programmes of Tamkeen and focusing on adversely affected small and micro enterprises is an important step that provides an opportunity for them to benefit from the available grants and to help them overcome their current challenges.