Surge in New Business for Tamkeen's Enterprise Development Support Programme in June

96 Enterprises signed in June to benefit from updates to programme
Increase of 43% compared to May and 64% compared to June 2010

Manama, Bahrain - 16^th July, 2011: Tamkeen's flagship Enterprise Development Support Programme experienced a significant jump in June as business owners flocked to Tamkeen's Enterprise Development Support Agency offices to take advantage of the updates to the programme which went into effect on June 1^st.

Since the launch of the Programme's second phase, Tamkeen has signed contracts with 765 national enterprises across all sectors with a contribution of more than BD 2.78 million in financial support. The majority of the businesses were from the wholesale/retail, manufacturing, ICT, and construction sectors, respectively.

Applications increased by an impressive 85% in June compared to the previous month. In all, 96 contracts were signed between the Agency and business owners in June alone, representing a 43% increase over May and a 64% jump compared to June of last year. In addition to the surge in application volume, traffic to the Enterprise Development Support Programme's website (www.tamkeen.bh/edsa) more than doubled to 120% over the previous month.

Despite the increase, applications continued to be processed efficiently, with more than 90% of applications taking 7 working days less to receive initial approval, and 80% taking 15 working days or less from time of registration to the signing of the contract.

The updates, which came as a result of Tamkeen's continued efforts to support Bahraini enterprises and make them more sustainable, encompass all schemes under the Enterprise Development Support Programme and cover three basic areas: financial support, application process, and eligibility criteria.

For the financial support, the limit was raised from BD 10,000 to BD 15,000 for small enterprises, and from BD 15,000 to BD 20,000 for medium and large enterprises, co-financing percentage was increased from 50% to 80% for all enterprises, and enterprises were allowed to re-apply to the same scheme every two years for each CR

The application process was greatly simplified by requiring only the previous month's bank statement and utility bill instead of the last six months.

Finally, eligibility criteria were also significantly eased as applicants now have a choice of submitting either internally audited or externally audited financial statements, as well as dropping the condition regarding the Bahrainisation quota for enterprises with less than 51% Bahraini ownership and only requiring the Bahrainisation quota set by the LMRA

The five Enterprise Development Support schemes with their new simplified names - Istishara, Techania, Jawda, Tarweej, and Tasweeq - offer a comprehensive array of high-standard professional schemes through certified high-calibre service providers aimed at improving the performance of these enterprises, increasing their productivity and efficiency, and putting them on the right track toward growth and prosperity, in line with the goals of Bahrain Economic Vision 2030.

Tamkeen's Senior Manager of Private Sector Support Mr. Mohammed Bucheery urged all business owners registered in Bahrain to come forward to take advantage of the Programme's new and improved benefits, and said: "These indicators are an encouraging sign that the updates have been well-received by the business community across all sectors, particularly SME's We are fully committed to sustaining and building on this momentum to provide the best support possible to local enterprises in the months to come."

Entrepreneurs wishing to learn more about and benefit from Enterprise Development Support schemes can visit Tamkeen's Enterprise Development Support Agency office at Meral Building, Seef District, or call 17 565393 or write to edsa@tamkeen.bh. They can also follow the latest news and updates about the various programmes through Facebook (facebook.com/tamkeenbahrain) and Twitter (twitter.com/tamkeenbahrain) pages.

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About Tamkeen:
Tamkeen (Labour Fund) is an independent authority which formulates strategic and operational plans to use the fees collected by the LMRA in order to enhance the overall prosperity of Bahrain by investing in Bahraini employability, job creation, and social support. Tamkeen aims to be the enabler and driver in promoting business growth and offering rewarding employment opportunities in order to attain prosperous living for Bahrainis. This will be achieved through investing in human capital, enabling enterprise growth and development, and collaborating with key policy makers and partners from the public and private sector.

The Tamkeen Enterprise Development Support Programme was conceived to stimulate the growth of Bahrain's private sector. The Programme provides co-financing to business owners, integrated with consultancy and technical assistance, aiming to improve the productivity and efficiency of Bahrain's enterprises.

The Enterprise Development Support Programme is a set of professional tools designed to benefit those looking to create positive change and improve their businesses, putting enterprises on the fast-track towards a productive and prosperous future.

KPMG Fakhro has been appointed as the agency for the new phase of the Enterprise Development Support Programme. Established in 1968, KPMG Fakhro has extensive local experience combined with first rate international skills, making it the ideal partner to help fuel the growth of Bahrain's business community in line with Bahrain's Vision 2030.

For more information, please contact:
Imane Alalaiwat
Hill and Knowlton
Phone: +973 17533532
Fax: +973 17533370
imane.alalaiwat@hillandknowlton.com