Azerbaijan simplifies process of granting preferential loans

The Entrepreneurship Development Fund under the Ministry of Economy of Azerbaijan started introducing innovations for entrepreneurs who need loans of up to 10,000 manat ($5,882) in order to expand excess of business to preferential loans.

This was announced at a meeting organized by the Entrepreneurship Development Fund of Azerbaijan and the Azerbaijan Banks Association, News.Az reports. 

"The main difficulty in obtaining preferential loans up to 10,000 ($5,882) is that entrepreneurs can't provide documents regarding property or location, where they will work on investment projects. 'Notification form' has been prepared with the aim to resolve this problem, which will replace this document. This form will be filled out by employees of the Small and Medium Business Development Agency of Azerbaijan on the basis of the entrepreneurs application and submitted by the entrepreneur to the authorized credit institution. The Agency will inspect entrepreneurs place of business and attach information about the specified place or the material and technical equipment of the property to the 'Notification Form', and this form will be accepted as a document on the entrepreneur's place of business," Entrepreneurship Development Fund stated.


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