Expanding Support for Micro and Small Entrepreneurship Projects
The Ministry of Economy and Sustainable Development’s “Produce in Georgia” initiative plans to continue its support for micro and small entrepreneurship. The ministry announced this week that it will, in fact, expand the program.
Starting August 20, the maximum financing available to participants will increase from 15,000 GEL ($5,813) to 20,000 GEL ($7,752), with 20% contribution from the entrepreneur.
The goals of the program are to diversify regional businesses, create new jobs in the regions, establish a modern entrepreneurial culture in the regions, and reduce economic migration. The program is being implemented throughout Georgia, except in Tbilisi.
The program offers financial support to launch or expand a small business and technical support through trainings, seminars, and individual consultations.
The program lasts 14 months (grants are issued within 6 months (November-December 2018) from completion of the application and agency monitoring will be carried out by September 2019).
The project’s top priorities are intellectual services, female entrepreneurship, startups, and businesses implemented in rural areas. Businesses focused primarily on the production of agriculture are not eligible.
Grant money will be issued only for the purchase of basic supplies.
The upcoming competition for grants will have the following stages:
- Business ideas competition;
- Training in general entrepreneurship
- Business plan contest
- Contract agreement;
- Enrollment of the contribution amount;
- Transfer of grant money;
Eligibility criteria: citizen of Georgia, at least 18 years old, not a public officer, not an employee of the Entrepreneurship Development Agency, has no overdue taxes.
The Micro and Small Business Support Component of the Agency “Produce in Georgia” promotes businesses in the regions by providing financial support. The residents of the region have the opportunity to start their own business, and the existence of a consultative component will ensure that individuals have the cognitive tools to develop and run their business.
From 2015-2018, within the framework of “Produce Georgia,” 5,313 projects have been supported, with the total volume of investments up to 50 million GEL ($19.4 mil). In addition, 22,949,474 GEL ($8,895,145) has been issued to 8,412 beneficiaries.
By Samantha Guthrie
Photo: Enterprise Georgia