BAKU, Azerbaijan, June 24. The Azerbaijan Entrepreneurship Development Fund intends to make financial mechanisms more accessible to entrepreneurs, Chairman of the Board of the Azerbaijan Entrepreneurship Development Fund under the Ministry of Economy Osman Khaliyev said during the opening ceremony of the "5th Exhibition for the Promotion of Local Companies" in Baku today, Trend reports.
"Our goal is to ensure the financing of more entrepreneurs in the coming years. Additionally, since mid-February 2024, the fund has implemented a state guarantee and subsidy mechanism for business entities in territories liberated from occupation.
Entrepreneurs operating in these areas will be provided with a state guarantee of up to 90 percent on loans taken from banks, and 10 percent of the loan interest rate will be paid by the state for 36 months.
The maximum loan amount per entity is five million manat ($2.9 million), the loan term is up to seven years, and the maximum interest rate is up to 15 percent. The subsidized portion is 10 percent, provided that the subsidy period does not exceed 36 months," he pointed out.
To note, the Azerbaijan Entrepreneurship Development Fund provided preferential loans totaling 193.8 million manat ($114 million) to finance 3,276 investment projects in 2023.
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