Shaikh Mohammed bin Essa Al Khalifa: Small percentage did not qualify for Business Continuity Support Program

Manama, May 5 (BNA): Chairman of the Labour Fund ‘Tamkeen’ Shaikh Mohammed has reaffirmed that Tamkeen has begun the disbursements of the financial grants for the Business Continuity Support Program. He pointed out that a small percentage of the enterprises that have applied to the program did not qualify for the support as their enterprise’s size did not meet the criteria, whereby their staff may have exceeded 50 employees or their rate of revenue and capital exceeded the value of BD one million. Shaikh Mohammed added that the evaluation process was made based on the sizes of the enterprises, whereby the program targeted adversely affected small and micro enterprises with the aim of providing them with financial grants that could help them cover a portion of their operating expenses. The financial grants are part of the program’s limited budget, estimated at BD 40 million, making it impossible for an increase in the grants. He also mentioned that more than 1,600 applications did not meet the requirements of the support program, those of which were medium and large enterprises, which do not qualify for the support since they can benefit from the Liquidity Support Fund which is held in partnership with a number of local banks. Shaikh Mohammed stressed the initiative comes as part of the government’s economic stimulus package to combat the repercussions caused by the spread of 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 the main role Tamkeen has been lately supporting the private sector, especially under the current circumstances, highlighting it as a profound and unique national step, which emphasizes supporting entrepreneurs and their enterprises, 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 program for small and micro enterprises from Wednesday, May 6 to Monday, May 11. Additionally, as of Tuesday, May 5, the application for support will be open to taxicab drivers, driving instructors, and kindergarten workers who are not registered with the SIO. These categories may apply to the support program by filling out an application form that allows them to obtain their compensations. Shaikh Mohammed said the main goal of this support program 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 program, Tamkeen is working on reducing the side effects inflicted on these enterprises by providing the necessary support based on their size, and the program’s budget estimated at BD 40 million, to serve the largest possible segment. The Chairman of Tamkeen said the step of redirecting the support programs of Tamkeen and focusing on adversely affected small and micro enterprises is an important step that provides an opportunity for enterprises to benefit from the available grants and to make use of them to help them overcome their current challenges.