SME NCD Fund and UNIDO announce start of another SME support program

ArmInfo. The Fund "Small and  Medium Entrepreneurship Development National Center of Armenia" (SME  DNC) and UN Industrial Development Organization (UNIDO) will hold  free courses for startups in the Armenian city of Gyumri. 

The SME DNC press service has told ArmInfo that in the competition  named "Industrial work for young" in Gyumri 20 were chosen out of 40,  who will pass to the next stage of the support program "Successful  Beginning" for startups in the field of SME. 

The program is being implemented by SME DNC and UNIDO with the  financial assistance of the Government of Austria and is aimed at the  development of start-ups in the provinces of Armenia (18-35) with the  aim of decreasing youth unemployment and integrated industrial  development. The participants of the program will enjoy financial and  non-financial assistance, which implies free business courses and  business development programs. The more realistic ones will be  provided with loans. Within a year, startup companies will also  receive consulting assistance.

The main criterion for the choice of young entrepreneurs is a  realistic and clear business idea, which should be innovative and  should have a potential for growth and new jobs. Startups in  production and IT sectors are among priorities.  

To note, the Fund "Small and Medium Entrepreneurship Development  National Center of Armenia" was established in 2002 by the government  of Armenia. The Center's activity aims to establish communication  between state agencies and SME entities, enhancing the efficiency and  competitiveness of SME activities, providing them an access to  business development services and financial resources, assistance in  the implementation of innovation and research programs, their  appearance in the international arena, as well as supporting the  creation of new SMEs.

Due to various estimates, the SME share in Armenia's GDP is about  30-40%. In European countries as a rule this figure rises to 60-70%.  At the same time, in 2015 the share of small and medium businesses in  Armenia's state budget revenues amounted to 2.4%.