90pc of SME owners believe the role of fund since emergence of corona crisis ‘negative’

KUWAIT CITY, April 8: Results of a poll conducted by Al-Qabas daily revealed that 90 percent of the entrepreneurs funded by the National Fund for the Care and Development of Small and Medium Enterprises believe the role of the fund, since the emergence of the corona crisis until now, has been “negative” compared to 10 percent who think it is positive, reports Al-Qabas daily

Around 90 percent of the participants -- a random sample of 50 entrepreneurs from various sectors and commercial activities, especially the industrial and commercial sectors -- confirmed that since the outbreak, the fund “overpowered” the entrepreneurs and left them without any communication in its first real test to protect them as they face a fierce crisis unlike any other.

They reported that the fund’s officials did not bother to contact the entrepreneurs to check on the status of their projects and the obstacles they are facing.

On the other hand, 10 percent of the respondents said the fund communicated with them; affirming that it played a positive role.

Asked about the problems they encountered, 34 percent stated the salaries of workers and rents are the biggest dilemma. If they continue to be paid without production due to the curfew, the project will last for only a few months, they revealed.

Also, 20 percent of the respondents confirmed their liquidity problem and inability to collect money from points of sale in the future -- either because of closure due to the curfew or the inability of the buyer to pay his dues to them.

Meanwhile, 16 percent indicated that their problems deepened due to the rise in the price of raw materials in the country of origin on the one hand, and lack of them in the local market.

The remaining percentage -- 30 disclosed their problems are represented in all of the above.