Proper development of business plans, financial management and reporting, increasing financial literacy of SMBs is important in terms of improving access of micro, small and medium-sized business entities to financial resources.

This is the topic of the webinar organized by Baku SMB Development Center under the Small and Medium Business Development Agency of the Republic of Azerbaijan (SMBDA) and attended by the heads of Credit and Sales departments of various banks. The online event discussed access of SMBs to financial resources, available financial instruments for SMBs, modern requirements for credit applications, cooperation between banks and SMBs in the relevant field.

At the webinar, it was noted that the improvement of access of SMBs to financial resources is one of the main areas of SMBDA`s activities. It was also noted that SMB development centers under the Agency provide various support and services to entrepreneurs in this field. Javanshir Abdullayev, Director of the Azerbaijan Bank Training Center, which is the managing organization of Baku SMB Development Center, noted that SMB development centers provide support to entrepreneurs in business plan development, training sessions and seminars are held to increase financial literacy, advisory services and other services are provided. It was emphasized that the support and services rendered in SMB development centers in connection with access to financial resources would facilitate the work of banks along with SMBs during credit applications. Besides, banks were invited to actively cooperate with the SMB development centers.

It should be noted that SMB development centers currently operate in Baku, Sumgait, and Khachmaz, and these centers provide free educational and training services for persons wishing to start their own business.

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