Funds provided to entrepreneurs through electronic platform ...| MENAFN.COM

Tuesday, 27 September 2022 01:53 GMT

Funds provided to entrepreneurs through electronic platform in Azerbaijan


(MENAFN- AzerNews) By Trend

In order to accelerate investment in areas of activity affected by the COVID-19 pandemic in Azerbaijan and improve the financial situation of entrepreneurs, as well as revive the financial and banking sector, the state is conducting a number of support measures,  Trend  reports citing the Ministry of Economy of Azerbaijan.

According to the ministry, one of such measures is the electronic credit platform (ECP), created by the Ministry of Economy to obtain a quick loan, with the provision of a state guarantee to entrepreneurs working in areas affected by the pandemic in a simplified and transparent form.

The provision of new business loans through the ECP allows entrepreneurs to apply online for business loans, simultaneously consider applications to authorized credit organizations and the Entrepreneurship Development Fund, track their status in real time, and simultaneously apply to three credit organizations.

The Ministry of Economy of Azerbaijan noted that the acceptance through the electronic credit platform of applications from entrepreneurs affected by the pandemic continues. So, until October 29, 2020, 3,059 applications for a new business loan were registered through the ECP. A decision has already been made on 392 applications to allocate loans totaling 107.3 million manats ($63.1 million).

At the moment, other applications are being considered, and entrepreneurs will be informed about the results through the electronic platform within the established time frame.

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