Armenia launches business support program for seniors

The Ministry of Economy has launched a business support program for seniors, aimed at helping citizens aged 63–72 realize their economic potential and pursue business initiatives. Applications have been accepted since November 9.

Priority will be given to people living in border high-mountainous, mountainous and rural settlements.

Speaking at a press conference at the Armenpress media center, Davit Barseghyan, Head of the Entrepreneurship Department at the Ministry of Economy, said there has been considerable activity in recent days, with many calls from citizens.

“Many people are writing letters and calling to learn about the program’s terms and opportunities, which is encouraging. The deadline for submitting applications is December 15 of this year, so our citizens aged 63–72 who have business ideas and wish to receive support can apply,” Davit Barseghyan said.

At this stage, applications to participate are being accepted until December 15. Subsequently, 400 applicants will be selected to participate in business training.

“We attach great importance to the training component so that our beneficiaries are informed about legislation and acquire skills in finance and business management. I should say that it will not be easy: our international partners conducting the training will take a fairly demanding approach,” the official said.

After completing the training, 200 beneficiaries who earn the required number of points will receive certificates, which they can use to apply to a bank for financial support. The bank will then assess the business plan and determine the amount of financing, with the upper threshold set at 2 million AMD. 

Having registered as an individual entrepreneur (IE) is a mandatory requirement for beneficiaries before applying to the bank.

“I would like to emphasize that both citizens who simply have a business idea and want to start a business and those who already have a business and plan to expand it can apply. The areas are diverse, including dried-fruit production facilities, gastro-yards, guesthouses, greenhouses, car service centers, the introduction of digital tools, entertainment and sports services, and more,” Davit Barseghyan said.

Once the bank approves the business project, the financing process will begin. Barseghyan noted that the money will not be given directly to the beneficiary. For example, in the case of equipment, property or services needed for the business, the funds will be transferred to the supplier companies.

Beneficiaries will be required to operate their businesses for 12 months after receiving the support. The entire process will be monitored to ensure that the funds are used for their intended purpose.

The program is a pilot initiative, and decisions on further steps will be made depending on its results.