In order to overcome the economic consequences of the coronavirus, 35 Armenian social enterprises will receive financial support from the EU-Supported COVID-19 Relief Fund.

The amount of funds provided by the European Union (EU) to Armenian enterprises within the framework of the initiative exceeds 186 million drams (approx. US$376,800).

The EU-Supported COVID-19 Relief Fund was launched by Impact Hub Yerevan as part of the Collaborate for Impact regional project. The social entrepreneurship financial support initiative is only one part of a long-term multi-component program.

As a result of the competition, various business initiatives operating in all regions of Armenia were selected, the unifier of which is the social component of the activity.

“The target of the program is social entrepreneurship. By directing our support to the socially-oriented business community, we not only support small and medium-sized businesses in the region but also provide stability to the social problem-solving processes undertaken by the founders of these enterprises,” said Ani Baboomian, Executive Director of Impact Hub Yerevan.

The official award ceremony will take place Saturday at Impact Hub Yerevan. The event will also be attended by the Head of the EU Delegation to Armenia, Ambassador Andrea Wiktorin, as well as representatives from the Armenian Ministries of Economy, and Labor and Social Affairs.