The ‘Procedure for financing educational, scientific, and research projects related to the development of micro, small and medium-sized enterprises (SMEs) dated September 30, 2020, was approved by the decree of the Azerbaijani Cabinet of Ministers, the Small and Medium Business Development Agency of Azerbaijan told Trend.
The agency said that this document determines the procedure for financing educational, scientific, and research projects related to the development of SMEs in the country.
“Financing of projects on the development of SMEs will be carried out by the agency following Azerbaijan’s Law on grants. Funding for projects will be determined through competitions held by the agency. Competitions will be held on educational, scientific, and research projects,” said the message.
According to the agency, any legal entity or individual engaged in entrepreneurial activity is entitled to participate in the competition. The announcement of the competition and information on its results will be regularly published in the media, as well as on the agency's official website - www.smb.gov.az.
“The implementation period for projects submitted for the competition must not be less than 3 months and no more than 12 months. The cost of financing for each project is set at up to 20,000 manat ($11,764). Competitive selection of projects will be carried out by the agency in compliance with the principles of transparency, equality, efficiency, and priority of performance criteria,” noted the message.
“Following the decree, financing educational, scientific and research projects on development of SMEs will have a positive impact on the development of SMEs in Azerbaijan, including the implementation of new mechanisms and innovative projects in this area, support for start-up projects, participation of SMEs in training programs, seminars, consultations, information exchange, increasing knowledge and skills, introducing scientific knowledge on SMEs. Inventions, utility models that affect the activities of entrepreneurs, business processes, scientific study, and research of technological innovations and industrial designs will be important in terms of expanding ties with educational institutions in this direction,” the message said.
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