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Preferential loan rate for young entrepreneurs not to exceed 7% in Azerbaijan

Preferential loan rate for young entrepreneurs not to exceed 7% in Azerbaijan

Economy
10 December 2019, 14:41 142
The mechanism for issuing preferential loans to support small business will be divided into three packages, Director of the Azerbaijani Youth Foundation Farid Jafarov told reporters in Baku on the sidelines of First Forum of Young Entrepreneurs, Trend reports.
"The mechanism will be divided into small, medium and big preferential packages,” the director of the foundation added. "The minimum loan amount will be 1,000 manat ($589,451), while the maximum amount – 50,000 manat ($29,472).”
Jafarov stressed that the maximum loan rate will not exceed seven percent.
"The introduction of the mechanism will begin next year,” the director of the foundation added.
The First Forum of Young Entrepreneurs is being held in Baku with the support of Azerbaijan’s Agency for the Development of Small and Medium-sized Enterprises (SMEs) on Dec. 10.