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The procedure for financing projects related to the development of micro, small and medium business approved 03.10.20

The "Procedure for financing educational, scientific, research, and support projects related to the development of micro, small and medium business" dated September 30, 2020, was approved by the Decree of the Azerbaijani Cabinet of Ministers.

This document sets out the procedure for financing educational, scientific, research, and support projects related to the development of micro, small and medium business (SMBs), as well as for organizing and conducting bids (tenders) for financing in the country.

Financing of projects on the development of SMBs will be carried out by the Small and Medium Business Development Agency of the Republic of Azerbaijan (SMBDA) following the Law "On Grants" of the Republic of Azerbaijan, as well as through competitions on educational, scientific, research, and support projects in accordance with the Procedure.

Any legal entity of micro, small and medium business (SMBs) or individual engaged in entrepreneurial activity is entitled to participate in the competition. The announcement of the competition and information on its results will be regularly published in the media, as well as on the Agency's official website www.smb.gov.az.

The implementation period for projects submitted for the competition must not be less than 3 months and no more than 12 months. The cost of financing for each project is set at up to 20,000 Manats. Competitive selection of projects will be carried out by SMBDA in compliance with the principles of transparency, equality, efficiency, and priority of performance criteria.

Pursuant to the Procedure, financing educational, scientific, research, and support projects on the development of SMBs will have a positive impact on the development of SMBs in our country, including the implementation of new mechanisms and innovative projects in this area, support for start-up projects, participation of SMBs in training programs, seminars, consultations, information exchange, increasing knowledge and skills, introducing scientific knowledge on SMBs, as well as inventions, utility models that affect the activities of entrepreneurs, business processes, scientific study, and research of technological innovations and industrial designs will be important in terms of expanding ties with educational institutions in this direction.