The process of accepting applications for the 19th anti-crisis measure has started: the beneficiaries are start-up entrepreneurs

22 July, 2020

Within the framework of the 19th measure for neutralization of the Coronavirus-driven economic impact adopted by the RA Government, it is envisaged to facilitate the implementation of entrepreneurial ideas of the beneficiaries aspiring to start a business “from zero” through expanding their entrepreneurial knowledge and increasing access to finance.

The measure can be applicable for persons wishing to engage in entrepreneurial activity and those organizations or individual entrepreneurs wjpse legal registration in the territory of the Republic of Armenia dates back for up to 3 years (except for the activity in retail and wholesale trade), which:

  • are an SME entity,
  • have a good tax and credit record during the 12 months prior to the day of application submission for assistance,
  • the activities are mostly carried out in the regions of the Republic of Armenia,
  • were not beneficiaries of the “Investment Support Center” (ISC), the former “SME DNC” foundation, within the framework of the state financial support.

Beneficiaries who meet the criteria of the measure shall fill in the online APPLICATION form for participation. After periodic review of the submitted applications, the selection of participants is carried out. Participants who pass the selection stage take a digital literacy test, which is followed by a course aimed at enhancement of entrepreneurship knowledge.

If necessary, participants are encouraged to participate in the digital literacy training course prior to the course on enhancement of entrepreneurship knowledge.

In parallel with the training course, the participants simultaneously develop and improve their business models.

Upon successful completion of the course on enhancement of entrepreneurship knowledge, for realization of their business projects the participants sign a loan guarantee agreement to benefit from the loan mechanism at privilege rates.

The terms of the loan provided with application of the support tools are as follows:

  1. currency – Armenian dram (AMD),
  2. duration – maximum 60 months,
  3. for start-up beneficiaries the grace period of the loan principal can be maximum 6 months,
  4. the maximum loan amount per start-up beneficiary is 10 million AMD and 20 million AMD (cumulative) for beneficiaries of innovative development,
  5. the actual annual interest rate of the loan is 7-10%.

For more information, call the Investment Support Center at 8105.

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