At the regular sitting of 27 May, the government approved the 19th measure to neutralize the economic backlash of the coronavirus.
The Minister of Economy Tigran Khachatryan presented the issue to the members of the executive.
The aim of the measure is to support the citizens of Armenia and individual businesses to overcome the impact of the economic backlash of the coronavirus by implementing competitive business plans.
The purpose of the assistance is to promote entrepreneurship and increase access to finance.
The measure is implemented through the Investment Support Center Foundation by providing guarantees for preferential lending. The loan is provided by “licensed banks” credit institutions operating in the territory of the Republic of Armenia.
Loans provided with the use of support instruments must meet the following requirements:
- Currency: AMD,
- Term – maximum 60 months
- The grace period of the loan principal can be a maximum of 6 months for novice beneficiaries.
- The maximum loan limit for one beneficiary is 10 million drams for beginners and 20 million drams (in total) for innovative development beneficiaries.
- The actual annual loan interest rate is 7% to 10%.
