Georgia’s small businesses get extra support

The Georgian Government is teaming up with the International Finance Corporation (IFC), the Entrepreneurship Development Agency (Enterprise Georgia), and TBC Bank to give small businesses in Georgia a helping hand.

Today the four parties signed a Memorandum of Understanding that was designed to enhance the financial know-how of entrepreneurs, as part of the efforts to support smaller businesses and encourage economic growth in Georgia.

IFC, a member of the World Bank Group, will work with both partners to disseminate online resources available through the SME Toolkit – an online business portal that provides the owners of small and medium enterprises (SMEs) with practical advice on how to run their businesses.

IFC and TBC Bank launched the SME Toolkit in Georgia in 2013. Trainers from the Entrepreneurship Development Agency (Enterprise Georgia) will use the toolkit in their work with SMEs, especially in rural and remote areas of the country, as part of the government’s Produce in Georgia program.

"This cooperation is a clear example of the Government’s continued support to SME development,” said George Tsikolia, CEO of the Entrepreneurship Development Agency (Enterprise Georgia).

"Our efforts aim to ease access to the finances and business intelligence needed to run a successful business. We support SMEs in increasing their competitiveness and try to ensure the long-term solvency of local enterprises,” Tiskolia added.

Specialised training programs will provide businesses with practical advice on how to apply for Government grants and subsidised loans, while also offering guidance on how to run a business.

"We are pleased to launch another new project through our online business portal, benefiting our clients,” said TBC Bank CEO Vakhtang Butskhrikidze

"TBC Bank offers educational and development programs for SMEs on a permanent basis. I am sure this new cooperation with the Entrepreneurship Development Agency and IFC will contribute to the further development of the Georgian economy,” he added.

IFC’s Georgia country representative Thea Gigiberia said: "Our joint efforts serve as a good example of how global knowledge tailored to the needs of the local market can make a difference.”

"This cooperation is part of our strategy in Georgia to support smaller enterprises and help them create jobs and reduce poverty,” she added.

The SME Toolkit, an innovation of IFC and developed in partnership with the International Business Machines Corporation (IBM), provides smaller businesses with tools and educational resources that support their day-to-day operations from the start-up stage to expansion. This web platform is available in Georgian at www.tbcbusiness.ge.

The introduction of the SME Toolkit is part of IFC efforts to support the sector in Europe and Central Asia. The work is funded by the Swiss State Secretariat for Economic Affairs.