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Funding of the projects of SMBs in the fields of education, science, research and support launched 16.03.23

Some 260,000 manats will be allocated for funding 13 projects of SMBs covering the development of online platforms and facilities, the development of women's entrepreneurship, and conducting research.

Funding of the winning projects of the 3rd grant competition held by the Small and Medium Business Development Agency (KOBİA) for funding the projects of micro, small and medium business entities in the fields of education, science, research and support has been launched.

The projects cover the development of online platforms and facilities in various fields, the development of women's entrepreneurship, and conducting research for the benefit of SMBs. Each of the winning projects will be granted funds in the amount of 20,000 manats.

On March 16, under the organization of KOBİA, a meeting was held with the competition winners at "Baku SMB House", and contracts were signed with them on funding of projects thereof.

Congratulating the winners of the third grant competition, the Chairman of the Board of KOBİA Orkhan Mammadov noted that the competition was held to shore up the funding of the projects of SMBs and 234 projects were submitted to the competition. It was highlighted that pursuant to the collegial decision of the Expert Commission with the composition of representatives from various institutions, a decision was made to fund 13 projects. Some 260,000 manats will be allocated for funding these projects. The relevant funds will be transferred to the bank accounts of the winning SMB entities in the days to come. In the first and second grant competitions, nearly 500 thousand manats were allocated for funding the projects of 26 SMBs.

Orkhan Mammadov highlighted that the Agency is keen on ensuring that funded projects are sustainable and beneficial for SMB entities along the path. KOBİA oversees the execution of projects and the intended use of paid funds. Monitoring is conducted and the public is regularly provided with information on the project implementation process to ensure transparency and accountability.

As part of the event, a small-scale exhibition of products and services of entrepreneurs whose projects were funded within the scope of the second grant competition was also organized.

Note:Acceptance of documents for the 3rd grant competition announced for funding education, science, research and support projects of micro, small and medium enterprises was carried out from November 15 to December 14, 2022, and the examination and evaluation of projects was held from December 16, 2022 to February 10, 2023. During the evaluation of projects by the Expert Commission, in conformity with the criteria approved by the Decision of the Cabinet of Ministers dated September 30, 2020, its impact on the development of micro, small and medium entrepreneurship, its ingenuity, the presence of a well-grounded idea, avenues of application for expediency , required experience for the implementation of the project and availability of material and logistics and other such factors were taken as the basis.