Arab Today, arab today tamkeen lifeline benefits 1775 companies
Last Updated : GMT 07:58:57
Arab Today, arab today
Arab Today, arab today

Tamkeen lifeline benefits 1775 companies

Arab Today, arab today

Arab Today, arab today Tamkeen lifeline benefits 1775 companies

Manama - BNA

Tamkeen announced that a total of 1,775 enterprises have benefited from its Enterprise Support Fund to date. The BD 10 million fund, launched in June 2011 as part of Tamkeen's mission to support and develop the private sector in accordance with Bahrain's 2030 vision, aims to help distressed companies continue their normal business activities. Tamkeen VP for Human Capital Development Dr. Ahmed Abdulghani Al-Shaikh said the large number of applications received by the Enterprise Support Fund from enterprise owners is a clear indication that there is a real need for this kind of support within the private sector. The fund has served as a much-needed lifeline for distressed enterprises, enabling them to cover their recurring expenses which have mounted as the repercussions of the current situation continue to affect businesses. The Enterprise Support Fund has so far contributed a total of BD 7.6 million in financial support for eligible enterprises that completed the application process and were evaluated and classified as distressed businesses. Dr. Al-Shaikh said the possibility of allocating more money to the Enterprise Support Fund is currently under evaluation. A decision is expected on this matter in the near future. "Tamkeen has always been committed to the highest levels of transparency in all its operational and financial processes,” said Dr. Al-Shaikh. “Every application received by the Enterprise Support Fund goes through three stages: Registration, Qualification, and Assessment, before final approval is granted. Each of these three stages has a set of clear criteria that must be met in order to move on to the next one. Therefore, it is important to understand that simply registering an enterprise in the programme does not necessarily mean it will be eligible for support, and eligibility does not necessarily mean it will be classified as a distressed enterprise." Dr. Al-Shaikh explained that at the Registration stage, business owners or their representatives attend an orientation session about the fund and requested to fill in the requested forms and provide supporting documentation. After required documents have been submitted, the applications move to the Qualification stage where they are reviewed to determine if the applicant enterprise is eligible for support or not. Any company with an invalid commercial registration or license, or is not based in Bahrain, or that has been open for business for less than one year, is excluded. During the Assessment stage, qualified enterprises are thoroughly evaluated to determine if they can be classified as distressed or not. Here, certain criteria are followed, such as a sustained drop in sales or revenues rendering the enterprise unable to pay recurring financial expenses and obligations, or the inability of the enterprise to repay its loans and debts. In this final stage, the amount of the grant is also determined based on the category under which the distressed business is classified, each of which has its own set of strict criteria. There are three categories in all: Category 1 (grant amount of BD 3,500), Category 2 (grant amount of BD 5,000), and Category 3 (grant amount of BD 10,000). Furthermore, Dr. Al-Shaikh noted that the Enterprise Support Fund staff also visit the premises of applicant enterprises to ensure that grants are given only to those companies which are truly distressed. All enterprises in Bahrain may benefit from the Enterprise Support Fund provided they meet the following eligibility conditions: • Valid commercial registration or business license • Based in the Kingdom of Bahrain • In operation for no less than one year Dr. Al-Shaikh stated that two conditions - that the annual revenues of the company must not exceed BD 100,000 and the number of its employees must not exceed 50 - have been dropped based on a general assessment of the market situation and to allow more enterprises to benefit from the fund. Applications can be received through one of the following channels: • Enterprise Support Fund office, located in the 5th floor of Meral Building in Seef • Enterprise Support Fund hotline: 17506066 Tamkeen has allocated about BD107 million for its projects in 2012. These include 20 new initiatives this year. More than 22,000 people are expected to benefit from Tamkeen's various support programmes this year alone.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today tamkeen lifeline benefits 1775 companies Arab Today, arab today tamkeen lifeline benefits 1775 companies

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today tamkeen lifeline benefits 1775 companies Arab Today, arab today tamkeen lifeline benefits 1775 companies

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today EasyJet, Lufthansa among seven to bid

GMT 06:49 2017 Tuesday ,17 October

EasyJet, Lufthansa among seven to bid
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Israeli court convicts Palestinians of 2016

GMT 04:39 2017 Tuesday ,17 October

Israeli court convicts Palestinians of 2016
Arab Today, arab today Iran's Facebook shuts down

GMT 23:50 2017 Monday ,16 October

Iran's Facebook shuts down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today British actress becomes fifth woman

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman
Arab Today, arab today Three killed, 360,000 without power

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Anoshka happy for reactions to her talk show

GMT 12:33 2017 Friday ,13 October

Anoshka happy for reactions to her talk show
Arab Today, arab today India to close colonial-era military farms

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms

GMT 10:55 2017 Thursday ,12 October

Safaa Sultan happy for “Love School”

GMT 10:37 2017 Thursday ,12 October

Cara Delevingne accuses Weinstein

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 12:02 2017 Saturday ,14 October

Conservation cutbacks put Brazil's

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 12:25 2017 Saturday ,14 October

Squeeze on UK health gives advanced

GMT 07:02 2017 Sunday ,15 October

German minister sparks uproar

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday