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Azerbaijan's Entrepreneurship Development Fund offers concessional loans for entrepreneurs operating in liberated territories

12 March 2024 [16:01] - TODAY.AZ
Qabil Ashirov

Azerbaijan's Entrepreneurship Development Fund offers up to AZN5m ($3m) loans for entrepreneurs to stimulate economic activity in the liberated territories, Azernews reports, citing a post shared by Economy Minister Mikayil Jabbarov.

The post reads that to stimulate economic activity and accelerate investments in the liberated territories, the Entrepreneurship Development Fund has introduced a guarantee and subsidy mechanism for entrepreneurs operating in those regions. Through the "Electronic Loan Guarantee" information system, entrepreneurs can access the following support:

The state guarantee covering up to 90% of business loans, with a maximum loan amount of AZN5m ($3m), a loan term of up to 7 years, and an annual interest rate of up to 15 percent;

The minister also noted that subsidization by the state of 10% of the annual interest rate of these loans for up to 36 months. A grace period of up to 36 months, not exceeding half of the loan term.

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