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Wed 2 Jun 2010 07:50 AM

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New $26.5m support fund for Bahraini SMEs launched

SMEs at least 51% Bahraini owned able to apply for the scheme to aid recession hit firms.

New $26.5m support fund for Bahraini SMEs launched
SUPPORT FUND: $26.5m has been allocated for struggling businesses post recession. (Getty Images)

A BD10m ($26.5m) support fund for Bahraini small-to-medium-sized businesses has been launched by officials. The joint initiative by Tamkeen, Bahrain Chamber of Commerce and Industry and the General Federation of Workers Trade Union, aims to give a boost to businesses impacted by the global recession.

SMEs that are at least 51 percent Bahraini owned are able to apply for funding of up to BD10,000, the Gulf Daily News reports on Wednesday. The programme is set to start in September.

"This means that we are aiming to support 1,000 SMEs," Dr Nezar Al Baharna, Tamkeen chairman and Minister of State for Foreign Affairs, told a press conference.

"By making funds available for basic business requirements, we believe that we are empowering these SMEs and nurturing them for better times ahead," he added.

Firms that are evaluated as being at risk will be given support over a two-year period, officials told the paper. Following that checks will be carried out to ensure the funding is being spent properly.

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