SMB

We believe Azerbaijan’s socio-economic development is closely linked with entrepreneurship and its future development!

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Issues of financing SMBs have been discussed 22.06.21

“Access to financial resources is important for the development of SMBs since it allows entrepreneurs to implement innovations, enter new markets, work more efficiently, and create new jobs. Surveys and studies show that SMBs have the greatest need for loans at low-interest rates, loan guarantees, and agricultural loans. There is also a potential demand for public investment, leasing, and grants".

This was stated by the chairman of the Board of the Small and Medium Business Development Agency (SMBDA) Orkhan Mammadov in his speech at the conference “Access of SMBs to Financing”, jointly arranged by the Azerbaijan-French Chamber of Commerce and Industry and Pasha Bank OJSC. It was noted that in Azerbaijan, a number of state support measures are being implemented to facilitate access to finance for SMBs, assistance is provided in the form of soft credits, guarantees, etc. The Agency is taking appropriate measures to support SMBs' access to financial resources as one of the main directions of its activities. Currently, the Agency provides SMBs with financial support in internal market research, finances their educational, scientific, research, and support projects. To develop high-quality projects and business plans for attracting loans, the Agency's SMB Development Center performs free pieces of training for entrepreneurs, provides them with consulting and coordination services. The Agency has also implemented some successful initiatives to meet the financial needs of SMBs, related to foreign trade. Currently, SMBDA is developing new and alternative mechanisms for financing SMBs; the process of forming the SMB Development Fund is underway.

Note that at the conference arranged with the participation of the public and private sectors and international organizations, a detailed exchange of views took place on the existing support mechanisms for financing SMBs, and measures taken in this area.