Tamkeen offers $26m in aid for ailing firms
Manama, March 7, 2012
Applications are again being accepted from businesses seeking to benefit from the BD10 million ($26.52 million) Enterprise Support Fund of Tamkeen, Bahrain’s labour fund.
The fund was launched last June to enable distressed companies cover recurring expenses and continue their normal business activities.
It has so far contributed a total of BD1.1m in financial support to more than 1,000 companies out of 1,600 applicants.
"The grants we offer through the fund have helped small and medium enterprises overcome their financial problems and continue usual operations," said Tamkeen chief executive Mahmood Al Kooheji.
He said the evaluation process for each application included field visits before determining the grant amount, which ranged 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," he added.
Tamkeen has allocated about BD107 million for projects this year. These include 20 new initiatives expected to benefit a total of 22,000 people. – TradeArabia News Service