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Some 7,000 people to have chance to open own business

19 September 2017 15:41 (UTC+04:00)
Some 7,000 people to have chance to open own business

By Amina Nazarli

Wouldn't it be great to be able to have own business, be your own boss and earn a paycheck from the comfort of your own office?

Many would say yes, but when it comes to starting a new business many find it very difficult and costly.

Most new businesses require money when starting up – for equipment, perhaps to rent or buy property, and meet marketing costs. Then, once up and running, one needs cash to pay the bills and keep the business going.

Self-funding is the best way to fund a new venture, but the biggest difficulty, of course, is if you don't have the money to invest.

In Azerbaijan, the state offers support to everyone, who is in a difficult financial situation or wants to organize own business in the absence of financial resources. The state allows to obtain a bank loan under the self-employment program.

The self-employment program is implemented on the basis of the presidential decree dated April 7, 2016 "On additional measures in the sphere of providing the population with self-employment."

Roughly 920 citizens have already been given assets [goods and assets] for setting up a family business, since the implementation of the program.

Currently, the project is carried out in a pilot mode, within with more than a thousand people are provided with work. The program stipulates provision of unemployed residents with the necessary materials and means to create their own individual farms.

Minister of Labor and Social Protection of Population Salim Muslimov said that about 7,000 families will be able to use a program of self-employment in Azerbaijan next year.

In 2018, the state will continue to grant subsidies through the self-employment program to members of the low-income families to organize a business.

New proposals are being prepared to expand the scope of the self-employment program, according to the minister, and their implementation will begin in January 2018.

Encouraging self-employment has been determined as a perspective business task in Azerbaijan, where unemployment rate stands at 5 percent, while the poverty level equals to 5.3 percent.

In September 2016, “Simplified support to family business” (ABAD) under the State Agency for Public Service and Social Innovations operating under the President of the Republic of Azerbaijan (ASAN) was created in order to support the active participation of citizens in the social and economic development of Azerbaijan, the development of small and medium-sized enterprises (SME), increase of employment of the population.

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Amina Nazarli is AzerNews’ staff journalist, follow her on Twitter: @amina_nazarli

Follow us on Twitter @AzerNewsAz

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