Don’t assume that you need to live in Yerevan, have a higher degree, or have an established firm in order to receive EU help. The EU is highly active in promoting the growth of new businesses, especially among women and in Armenia’s regions.
Specifically designed to support women-led firms, the EBRD’s Women in Business initiative provides financing, training, and advisory services. With solutions designed especially to meet the needs of women-led SMEs, the initiative collaborates with local partners ACBA Credit Agricole, Ameria Bank, Araratbank, Armeconbank, and Converse Bank to provide specialized financing to support female entrepreneurs. For additional information, visit their website or give your local branch a visit. The EBRD hosts Women in Business seminars where you can also have in-person meetings with bank personnel.
Additionally, the program provides a customized online tool called the Business Lens to evaluate your company and determine what kind of support you can get.
In addition to Women in Business, micro-businesses (less than 10 employees) in industries like agriculture, industry, trade, and services, as well as the Green for Growth program, can apply for small loans through the European Fund for South East Europe (EFSE), with an average loan size of €9,000.
For details on all the loans and grants available to small enterprises in Armenia, see the EU4Business website.
The Advice for Small Businesses program also offers discounted consulting services in a number of areas, such as strategy, marketing, operations, quality control, energy efficiency, and finance management.
To learn how to apply, go to the EBRD website. Interested ladies can also view examples of the several women and small companies who have benefited throughout Armenia by visiting their Facebook page.
Additionally, aspiring women can apply to the VIA Fund, which is run and managed by Impact Hub Yerevan and serves as an impact investment fund for social entrepreneurs in Armenia. The fund was created as a component of the EU-funded “Collaborate For Impact” project, which seeks to advance social investment and social entrepreneurship across the nations of the Eastern Partnership.Via a combination of money and non-financial support, such as an acceleration program and intense mentoring, VIA Fund seeks to develop and promote social companies that provide observable social impact benefits.
