Sh. Mohammed Bin Essa: Tamkeen begins disbursing the first payments of its Business Continuity Support program

Avatar

Press Release

The Chairman of Labour Fund Tamkeen, His Excellency Shaikh Mohammed bin Essa Al Khalifa, confirmed that, alongside national efforts, Tamkeen is supporting the private sector by off-setting the impact of the global spread of the Coronavirus (COVID-19) through the Business Continuity Support Program

The support program will be providing financial grants to adversely affected small and micro enterprises to help them cover their operating expenses. 

H.E. noted that Tamkeen has begun disbursing the first installment of the financial support to small and micro enterprises following the successful evaluation of their applications.

H.E also added that Tamkeen has received more than 17,000 applications for the Business Continuity Support Program in the span of two weeks. It’s worth mentioning that the installments of the financial grants will continue to be disbursed over the next period until all requests are completed.

The program classifies  small and micro enterprises based on the categorization of the Ministry of Industry, Commerce, and Tourism. Through the program, adversely affected small and micro enterprises receive financial grants to partially support them with their basic operating expenses to help them continue their operations in light of the current situation.

Throughout the process, evaluators assess the overall impact the spread of the virus has had on the business to decide on the value of monthly payments, which will be disbursed over a period of three months.

During this stage, the applications are being reviewed to evaluate their requests and consider the extent of the impact caused by the Coronavirus on their business. In addition, this is also done to ensure that the enterprise has been active based on the commercial records of the Ministry of Industry, Commerce, and Tourism, or the official authorities according to the e-government records, in order to verify the categories eligible for this support program, and to ensure that it reaches the largest possible segment of this group.

See Also

On the other hand, the Chief Executive of Tamkeen, Dr. Ebrahim Mohammed Janahi, reiterated that the program primarily targets two categories: small and micro enterprises, which are enterprises with fewer than 50 employees, and their annual revenues do not exceed one million BHD, based on the standards outlined by the Ministry of Industry, Commerce, and Tourism and as per the records of the National Bureau of Revenues

Dr. Janahi further stated that all applications will be looked into and evaluated individually based on the information submitted, to help support as many enterprises as possible.

The payments will be disbursed over a period of three months. Once the first payment is received; enterprises will have to go into the online portal and upload receipts for their expenses on a monthly basis. 

In case customers need to refer to the customer service centers, they may book in advance online to schedule their visits for their own safety and convenience.

Bahrain-based digital platform and publication for startups in the Middle East. Exclusive events, in-depth workshops, insightful content, and informative news. In strategic partnership with Tamkeen Bahrain, Zain Bahrain, National Bank of Bahrain, Zoho, Tenmou, and StartUp Bahrain.

Startup MGZN © 2020. All Rights Reserved.