ArmInfo. As part of the small business assistance package, the state will provide a loan of up to 50 million drams, with a maturity of 3 years, and a grace period of the first 6 months. This became known during the meeting of the Government of Armenia on March 26.
Minister of Economy of the Republic of Armenia Tigran Khachatryan presented a package of state assistance to small business. He noted that beneficiaries of this mechanism assistance can be those business entities whose working capital during 2019 amounted to 24 to 500 million drams, and which represent the most vulnerable areas of activity in the context of the spread of coronavirus (public catering, warehousing, processing industry, tourism services, etc.).
In contrast to the state support tools previously announced in the government, business entities will seek help from the state, not from financial institutions. <If the borrower did not have overdue loan obligations during 2019, then he can apply to the state and automatically become the borrower of the state financial account and receive assistance in the amount of 10% of the volume of its working capital in 2019>, Khachatryan explained.
At the same time, as the minister noted, the organization must provide a personal guarantee on the part of an individual or a group of individuals who are either shareholders or are involved in the management of the company. In addition, the latter should have high solvency.
Funds received from the state can be used exclusively to provide employees with wages (not more than 300 thousand drams) for 3 months, to pay state duties and taxes, to purchase raw materials, as well as to pay for public services and rent payments.
