SMBDA funds 26 SME projects in 2022

Azerbaijan's Small and Medium Business Development Agency (SMBDA) financed 26 SME projects in education, science, and research spheres in 2022, Azernews reports.

Speaking at a press conference on the results of 2022, SMBDA Board Chairman Orkhan Mammadov noted that over AZN0.5m ($294,120) was allocated for the projects.

"Within one grant, an entrepreneur can be allocated funds in the amount of up to AZN20,000 ($11,760). So, 12 projects submitted for the second grant competition were funded. Currently, the acceptance of projects for the third grant competition continues, and the results will be announced in February," he added.

Azerbaijan's Small and Medium Business Development Agency was established on December 28, 2017. The agency’s mission is to increase the efficiency of small and medium enterprise system regulation, ensure a variety of support mechanisms and entrepreneurs’ smooth access there, and achieve sustainable SMBs sector development and its increased contribution to the national economy. The agency’s main target is to fulfill the important mission of being a friend of entrepreneurs.