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Armenian Government Earmarks 150mln Drams For Sme Development In 201

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  • Armenian Government Earmarks 150mln Drams For Sme Development In 201

    ARMENIAN GOVERNMENT EARMARKS 150MLN DRAMS FOR SME DEVELOPMENT IN 2013

    YEREVAN, January 24. /ARKA/. Armenian government decided to allocate
    150mln drams under a small and medium enterprise (SME) development
    program in 2013.

    The main aim of the program is to provide continuous state support to
    small and medium companies, the country's minister of economy Tigran
    Davtyan said.

    The money will be used particularly for supporting businessmen in
    start-up, providing loan guarantees and technical and financial
    consultations on various issues.

    The minister pointed out that the loan threshold may be increased
    from 3 to 5mln drams due to high demand.

    Davtyan stressed that about 92% of the money will be directed to the
    country's regions.

    He also said that these funds are only a part of SME development
    program in Armenia. SME will be also supported by the SME crediting
    fund (about 778mln drams) and the SME Investments universal credit
    organization (about 6bln drams)

    "It is recoverable resources which will help continue financing
    start-ups and guaranteeing loans", the minister said.

    A total of about 98bln drams were allocated for SME in Armenia in
    2007-2012, he reported.

    There are currently about 60,000 companies, 92% of which are small
    or medium-sized, the minister said. ($1=405.44drams). -0-

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