Armenia’s micro and small businesses may receive innovative grants from EU

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YEREVAN, July 29. /ARKA/. The EU “Innovative Tourism and Technology Development for Armenia” Program, in close cooperation with the Armenian Ministry of Economy, announces a competition for “Innovative Grants for Economic Recovery of Micro, Small and Medium Enterprises” as part of the “EU for Business” initiative .

The press service of the ministry of economy reported Tuesday that the project is targeted on small and medium-sized manufacturing or service companies (with the exception of tourism, agriculture and trade) which are looking for financial sources to recover from the COVID-19 epidemic.

According to the terms of the competition, in order to participate in it, you must submit proposals that include any of the following: innovative ideas / business models, the use of innovative technologies in production or provision of services, optimization of business management systems, innovative approaches to logistics or hygiene, technical solutions for market and network access (digital marketing, e-commerce), etc.

Applications can be submitted by all micro, small and medium businesses from all over Armenia that meet the minimum requirements.

The amount of the grant was not mentioned in the economy ministry’s press release.

For more information on the competition, see the Applicant Guidebook, which details the entire chain of steps and the sequence for submitting an application. The deadline for submitting applications is 12 August.

Attaching importance to this initiative, EU Ambassador to Armenia Andrea Victorin noted that the EU continues to assist the Armenian government in overcoming the consequences of the coronavirus in various areas.

She is quoted in the ministry’s press release as saying that following the recent EU Innovative Tourism Grant Competition under the EU for Business Initiative, the European Union is pleased to announce another grant program under the same initiative, this time targeting small innovative businesses and calls on Armenian companies to actively participate in this grant program, the purpose of which is to help entrepreneurs bring their innovative business solutions to the market.

In her words, the EU continues to support innovations of SMEs in Armenia and the creation of a favorable ecosystem for growth.

Deputy Minister of Economy Naira Markaryan, for her part, said that the goal of this program is to assist small and medium-sized enterprises that are experiencing problems amid the pandemic-caused difficulties both in production and in exports, as well as in finding new markets, new customers.

“We are looking for those innovative, interesting entrepreneurs with a unique mindset who know what they are missing, they see their own way, but they just need support,” said Markarian.

In 2019, the EU supported 122 SME programs with a total budget of € 836 million through the Business Assistance Initiative. –0–

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