SME Development Foundation
The Small and Medium Business Development Foundations (SMB Development Foundations) were established to ensure the development of SMBs and their financial support, attraction of national and foreign investments, introduction of new technologies in the country’s economy, as well as to provide the SMB Cluster projects with financial support andservices (economic and market research, expertise, assessment, funding and preparing projects for investments, etc.) to promote SMB development, support projects aimed at expanding the area of investments, including improvement of the SMB investment environment, promotion of the interests of domestic and foreign investors, implementation of measures to ensure joint participation in projects, attraction of highly qualified workforce, cooperation with foreign experts in conducting research on efficiency and importance of projects, and contribution to the development of intellectual entrepreneurship by preparing recommendations on ensuring project flexibility and joint management.
The Foundations are tasked with the following obligations:
•Ensure efficient and targeted use of the funds which the state Agency attracts and allocates to the Foundation;
•Study export-oriented SMB projects, assess their economic efficiency, develop innovative projects, as well as to provide financial support and attract foreign investors;
•Attract funding and investments to strengthen SMB activity in foreign markets and ensure project funding (SMB Cluster projects);
•Provide SMBs with broader opportunities to use preferential financial resources at the expense of funds and guarantees both allocated and attracted by authorized banks and non-bank lending institutions;
•Attract investments to ensure transfer of technologies (know-how) between SMBs and domestic and foreign legal entities;
•Ensure funding and investments in SMB projects aimed at the introduction of new technologies in the national economy as well as in the promotion of investments;
• Enhance the level of skills and knowledge of SMBs;
•Ensure assessment of funded investment projects by utilizing the allocated and attracted funds;
•On the basis of state programs, give preference to funding investment projects aimed at SMB development;
•Provide entrepreneurs with expert advice, thus enhancing their skills and knowledge to ensure coordination of entrepreneurs’ interaction with SMBs offering production of innovative production.
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