Produce in Georgia
Changes allow more SMEs to access Gov’t funding
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The Government of Georgia is stepping up its support for small businesses, developing the hospitality industry and creating better conditions for foreign investors to invest in Georgia.
Today Georgia’s Prime Minister Giorgi Kvirikashvili announced the Government would make changes to the ‘Produce in Georgia’ state program, which would further develop small and medium-sized (SME) businesses in Georgia.
Changes will apply to the amount businesses can borrow under the scheme.
At today’s Governmental meeting Kvirikashvili announced the minimum amount of funding available for entrepreneurs who want to establish a SME had reduced, meaning businesses were not forced to borrow beyond their financial means.
It is understood the minimum amount of preferential loans granted by local commercial banks will now range from 150,000 GEL* (instead of 250,000 GEL**) for locals and $75,000 USD ($150,000 USD) for foreign investors.
Changes will also apply to a sub-component of the ‘Produce in Georgia’ program, which targeted the development of the country’s hospitality industry.
Kvirikashvili said loans will be issued not only in the national currency Lari but also in foreign currencies.
In order to increase activities in the [hotel industry] direction it will be useful to offer financing in foreign currencies as well. This will be good for cooperating with our foreign partners,” Kvirikashvili said.
The ‘Produce in Georgia’ state program launched in June 2014 by the Ministry of Economy and Sustainable Development and the Ministry of Agriculture to develop entrepreneurship in Georgia.
*150,000 GEL - $60,486/€54,330
**250,000 - $100,810/€90,550
Currencies are equivalent to today’s NBG exchange rate.
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