Entrepreneurship Dev't Fund guarantees $171.6m credit, subsidy support to entrepreneurs over COVID-19

By Azernews

By Ayya Lmahamad

Azerbaijan's Entrepreneurship Development Fund has guaranteed AZN291.8 million ($171.6m) to 2,630 applications by entrepreneurs affected by the pandemic, Economy Minister Mikayil Jabbarov said, Azernews reports.

Within the framework of the state-guaranteed #credit and #subsidy support, from June 2020 to July 1 of this year, the Entrepreneurship Development Fund (@sahibkarliq) guaranteed 291.8 mln. ? to 2,630 applications by entrepreneurs affected by the pandemic with a loan demand of 499.8 mln. ?. In total, 29.9 mln. ? of subsidies were paid to entrepreneurs for guaranteed loans," Jabbarov wrote on his official Twitter page.

The minister also noted that positive decisions were made on 5,022 of the 6,308 applications received regarding subsidizing interest on existing loans.

"Positive decisions were made on 5,022 of the 6,308 applications received regarding subsidizing interest on existing loans. The amount of the approved #subsidy is 69.4 mln. ?, of which 65.1 mln. ? have been paid to entrepreneurs," he wrote.