The Albanian Investment and Development Agency has started the implementation of five funding programs, by utilizing the government’s funds aimed at supporting and giving grants to local small and medium sized businesses. The AIDA manages the governmental funds for the development of SMEs since many years, but the novelty of this year is the added fund for giving grants to women entrepreneurs.
The Fund of Loan Interests Subsidies for Women Entrepreneurs aims to increase the revenues of enterprises established by women. This fund aims to boost new investments by providing financial support by deposits – lending associations and non bank financial institutions, at a total amount og 26.5 million ALL. According to the experts, within four years about 500 businesses will benefit from this fund, enabling so the economic growth and the opening of new vacancies. The fund will pay the 50% of the loan interests taken by enterprises established by women, which will be used for investments.
The Competition Fund aims the improvement of the entrepreneurs’ capacities by helping them to face the international market’s demands and to open new vacancies. This fund is at an amount of 20 million ALL and will finance the enterprises that aim to export their products towards the international markets.
The fund will give grants up to 1 million ALL for each enterprise and will cover 70% of the costs involved. According to the press release by AIDA “the applications deadline for the SMEs for this fund will be November 1st of this year.”
The Fund of Creative Economy will finance enterprises which operate in the handicrafts and craftsmanship sectors, with the aim to develop further these sectors and transform them into profitable sectors. The budget planned for each winning enterprise for this fund is 500.000 ALL, say official sources from the AIDA.
During the past year, the AIDA financed 13 small businesses through the Fund of Creative Economy and 19 businesses through the Competitiveness Fund.
News source: ATA