YEREVAN. – More than 120 small and medium-sized enterprises have already applied for support as part of the measures to mitigate the impact of the coronavirus on the economy of Armenia. The total value of the loan claims amounted to over 1.4 billion drams. Minister of Economy Tigran Khachatryan noted about this at a press conference on Friday.
"Small and medium-sized enterprises operating for more than one year and whose turnover has reached 24 to 500 million drams in 2019 can benefit from this support, they can apply for a loan for 36 months; the first 2 years will be without interest rates,” he added, in particular. "This is aimed at small organizations, including the tourism sector."
According to the minister, after receiving the applications, the state authorities will decide whether or not these enterprises meet the requirements. "Business entities will start receiving the financial means already early next week," Khachatryan said. "Now the priority is given to companies that have a good credit and tax history."
He added that the economic losses from the crisis are yet to be calculated, but it is already clear that they will be significant, and the Central Bank forecasts of a 0.7% economic growth reduction are accurate. "The 9 measures taken by the government can be revised and amended," the minister concluded. "All processes are under discussion."