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Results of the 5th grant competition announced for funding the projects of SMBs have been disclosed. 03.06.24

A maximum of 20,000 manats will be assigned to each winner including those with projects related to the "green economy".

The outcomes of the fifth grant competition, which aimed to fund projects related to the "Green Economy" alongside others, have been disclosed. The decision has been made related to financing 21 projects submitted to the competition organized by the Small and Medium Business Development Agency (KOBİA).

Each winning project will receive financial support in the amount up to maximum of 20,000 manats. At the meeting of the Expert Commission, which was established for the evaluation of projects, held on June 3, it was noted that that a total of 290 projects were submitted by SMBs for the competition. Among these, 126 projects were from legal entities, 163 from individuals, and 1 from a non-entrepreneur. The submissions included 279 from micro-enterprises, 9 from small enterprises, and 1 from a medium-sized enterprise. The projects covered the following various areas: 108 were related to education, 15 to science, 53 to research, and 113 to support initiatives. Additionally, 11 projects focused on the "green economy”.

It should be noted that the deadline for the application for the 5th grant competition, aimed at financing projects related to education, science, research, and support initiatives for micro, small, and medium-sized enterprises, was from March 4th to April 2nd, 2024, while the evaluation and assessment of the projects took place from April 4th to May 15th, 2024. The Expert Commission evaluates the projects based on criteria established by the Cabinet of Ministers' Decision dated September 30, 2020. These criteria include the project's impact on the development of micro, small, and medium-sized enterprises, its innovativeness, the presence of a well-founded idea, practical applicability, the availability of necessary experience and material-technical resources for implementation, and other relevant factors. The detailed information on the winner projects could be obtained on the following website of the Small and Medium Business Development Agency (KOBİA): https://smb.gov.az/az/nav/qrant