SMB

We believe Azerbaijan’s socio-economic development is closely linked with entrepreneurship and its future development!

27 June – International Day of Micro-, Small and Medium-sized Enterprises: SMEs Changing the World A reception of entrepreneurs will be held in Balakan Businessmen of the Nigde (Niğde) Region of Türkiye Visited the Baku SME House Investment Portal: A Support Tool Bringing Together Entrepreneurs and Investors on One Platform Azerbaijan Pavilion Featured at IsDB’s 14th Private Sector Forum Exhibition Winners of the Startup Competition Held Within the Framework of the Islamic Development Bank Group Annual Meetings Announced Support for Expanding Sales Opportunities of SMEs The “7th Local Companies Promotion Exhibition” is being held HELF and AZHAB Forums Held in Baku During the 51st Annual Meetings of the Islamic Development Bank Group Startup Competition Launched Within the Framework of the IsDB Annual Meetings

Cooperation between entrepreneurs and the financial-banking sector discussed 09.03.23

Information was provided on the applications of entrepreneurs and the results of surveys conducted on the access to financial resources of SMBs.

The next meeting of the Cooperation Council with Entrepreneurs was held under the Board of Directors of the Central Bank. At the event held with the involvement of representatives of the relevant agencies including the Small and Medium Business Development Agency (KOBİA), discussions were held on boosting cooperation between entrepreneurs and the financial-banking sector, further improving business access to financial services, and suggestions were heard.

At the meeting, the Chairman of the Board of KOBİA, Orkhan Mammadov, delivered information on the access to financial resources of SMBs, the applications received by the Agency on this matter, and the results of the surveys. It was stressed that one of the challenges faced by SMBs in Azerbaijan is associated with access to financial sources. In spite of the range of support mechanisms in this field, they are not sufficient to meet the demand for financial resources of entrepreneurs. During the meetings with entrepreneurs and surveys, business entities pointed to high loan interest rates, non-acceptance of collateral by banks in the regions, high interest rates on cashing transactions, etc. The level of use of alternative financial instruments is unsatisfactory.