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March 29
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YEREVAN. – The European Commission will establish a 20-million euro financing facility for emerging SME’s in Armenia before the end of 2014, Dirk Lorenz, representative of the EU's Delegation to Armenia, told Armenia News – NEWS.am at the sidelines of DigiTec IT forum in Yerevan.

Lorenz, who is the head of Political, Economic, Press and Information section at the Delegation, noted that the funds will be disbursed through equity financing and will be available for SMEs across the sectors of economy.

“IT startups will be more than welcome to apply,” he added.

Equity financing, he added, will help combat limited access to finance, which is still relevant for SMEs.  This will be a chance for local entrepreneurs to start a new venture from scratch, or to expand an existing business.

“The access to finance for SMEs in Armenia, in our view, is still limited, there is room for improvement. That is why we are happy to work together with the Armenian government on improving the situation,” he added.

Currently the project is under preparation, and technical details, like the ceiling of financing and eligibility criteria for entrepreneurs, are not yet finalized.

“But we are hopeful that the project can be started later this year,” he said.

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