Tamkeen offers support for distressed SMEs

As part of its continuous effort to support and develop the private sector, Tamkeen announced that it resumed accepting applications from businesses to benefit from its BD 10 million Enterprise Support Fund. The Fund was launched last year to enable distressed companies to cover recurring expenses and continue their normal business activities.

Launched in June last year, the Enterprises Support Fund has as of December 2011 contributed a total of BD 1.1 million in financial support to more than 1,000 companies from among 1,600 applicant companies.

Commenting on the re-launch, Tamkeen Chief Executive Mr. Mahmood Al-Kooheji said: "Tamkeen has the flexibility to move quickly to introduce innovative programmes that meet the needs of individuals and enterprises in the private sector which support their sustainability. The grants we offered through the Enterprise Support Fund helped SMEs overcome their financial problems and continue usual operations."

All distressed enterprises in Bahrain can apply to this program if they meet the following eligibility criteria:

Active Commercial Registration or License.

Bahrain-based company that has been active for at least 1 year.

Annual revenues must not exceed BD100,000.

Number of employees must not exceed 50.

The evaluation process for each application includes field visits to assess the situation of the enterprise before determining the grant amount, which ranges between BD3,500 and BD10,000.

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.

Eligible enterprises can use the grant to cover the following operational expenses:

Premises: includes the rent of offices, warehouse, etc.

Vehicles: includes rentals of vehicles used to carry out the enterprise’s activities.

Insurance Premiums: including the enterprise’s fixed assets (e.g. vehicles, buildings, equipment, etc.).

Utility Bills: including Electricity, Water, and Telecommunication charges.

Social Insurance Organization fees of Bahraini employees.

Employee Salaries.

Applicants can be received through the following ways:

Enterprise Support Fund website (www.tamkeen.bh/esf).

Enterprise Support Fund office, located in the 5^th floor of Miral Building in Seef.

Enterprise Support Fund hotline: 17506066.

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 programs this year.