SMB

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

Three More SMEs Awarded “Startup” Certificates Public discussion is organized due to green transport business Opportunities for entrepreneurial activities in regions : SME Friends, SME Development Agencies The Promotional Exhibition of Local Companies is Commencing Meeting was held with Entreprenuers engaed in import and export 8th Plenary Session of the CICA Business Council and the 10th Business Forum Held in Baku Attention to SMEs Wishing to Showcase Their Products and Services at the “2nd Turkic Trade Fair”! Young Entrepreneurs from Azerbaijan and Turkiye Discuss Prospects for Cooperation With Government Support, Nearly 10 Entrepreneurs Participate in “Caspian Agro” and “InterFood Azerbaijan” Exhibitions Another Training Held for Entrepreneurs Engaged in Export Activities

Over AZN 1.4 million in grant support has been awarded to small and medium-sized business (SMB) projects. 29.07.24

The 6th grant competition will take place in the second half of 2024.

The Small and Medium Business Development Agency (KOBİA) allocated a total of AZN 374,488 in grants to 21 projects from January to June 2024 to support financing SMB projects in the fields of education, science, research, and support.

Up to date, 5 grant competitions have been organized to support the financing SMB projects in the fields of education, science, research, and support.

In total, grant support amounting to AZN 1,426,955 has been awarded to 79 projects submitted through these competitions.

The next, 6th grant competition will take place in the second half of 2024.

Grant competitions, project evaluations, financing, monitoring, and accountability are conducted in line with the "Regulation on the Financing of Education, Science, Research, and Support Projects Related to the Development of Micro, Small, and Medium Entrepreneurship," as approved by the Decision of the Cabinet of Ministers on September 30, 2020. According to this regulation, submitted projects are reviewed by an Expert Commission composed of 7 representatives from various public and private enterprises.Projects are evaluated on a 5 - point system based on 14 criteria defined by the relevant rules, such as the project's impact on the development of micro, small, and medium enterprises, innovation, the presence of a well-founded idea, practical applicability, the necessary experience and material-technical base for project implementation, and others and the final decision based on the project evaluation is made by a simple majority vote. The aim of the evaluation process is to assess the project's content, its potential for implementation, and the appropriateness of its funding. Projects received the highest scores from the expert commission's collegial assessment are declared winners of the competition, and the agency makes the decision to fund these projects.

Project selection is conducted by KOBİA with adherence to the principles of transparency, equality, efficiency, and prioritization of performance criteria. Results, including details about winning SMBs, their projects, and allocated grants, are published on the Agency’s website.Projects that do not win may be resubmitted in future competitions with improvements. Additionally, applicants can seek assistance from the agency’s SMB development centers for project document development. The progress of all funded projects is monitored and assessed by a dedicated Monitoring Group established by the agency.