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e-Governance

Programs to address the economic impact of COVID-19

ACTION 1

The target is determined for the purpose of spending,
Beneficiary: resident economic entity with good credit and tax record
Support type: co-financing, refinancing, subsidy


Basic terms and conditions:

Purpose of Credit

Amount Co-financed

Refinancing Amount

Subsidy Amount

Payroll

50%

100%

In full

Taxes, duties and mandatory payments

50%

100%

In full

Raw materials

40%

50%

6%

Equipment

25%

50%

5%

Utilities

45%

90%

10%

Food

30%

50%

8%

 Co-financing is to address the problem of lack of collateral and improve other lending terms;
Refinancing is to deal with currency-related risks and improve other lending terms,
Subsidy is to tackle the interest rate problem and improve other lending terms,

The terms are valid for loans equivalent of up to AMD 250 million.

Applications have to be filed with banks and credit organizations.

ACTION 2

Target: Agriculture
Beneficiary: resident economic entity or individual with good credit and tax record, as well as cooperative farms,
Support is provided in the form of interest rate subsidy; for cooperative farms – in the form of co-financing, including financial lease;

Basic terms and conditions: valid all agricultural purposes.

Applications have to be filed with banks and credit organizations.

ACTION 3

Target: SMEs
Beneficiary: resident economic entity with good credit and tax record
Form of assistance: loans of up to AMD 50 million, depending on turnover

Basic terms and conditions:
Areas: processing industry, accommodation and public catering, transportation և storage, tourism services, other tertiary services, healthcare, preschool education (private kindergartens), sporting activities (sports clubs, swimming pools), entertainment and leisure activities (except for computer games and internet clubs), construction of buildings, civil construction, specialized construction activities.
The applicants shall have:

- Annual turnover for 2019 - AMD 24 million to AMD 500 million;
- Turnover for each quarter of 2019 did not exceed 70% of the annual turnover,
- The maximum loan amount is AMD 50 million, 0% interest rate for the first two years, and 12% - for the third year.
- Good credit record, i.e., according to ACRA information they had no overdue credit terms for more than 30 days or more during the 12 months prior to the application date.
- Good fiscal record, i.e., no administrative proceedings have been instituted against the tax liability incurred during the 365 days prior to the date of submission of the application, or no overdue tax liability as of December 31, 2019 (in the latter case, 1% of the loan amount is charged as a borrower’s fee).

Applications have to be filed with the Investment Support Center of the Ministry of Economy


ACTION 5

Target: Effective Job Support
Beneficiary: resident economic entity with 2 to 50 employees,
Potential beneficiaries: more than 12,000 businesses,
One-time grant, in the amount of the salary of every 5th employee,

Basic terms and conditions:

The applicant employed 2 to 50 persons in the period from 01.01.2020 to 01.04.2020, and the actual wage fund did not decrease in the period under review.

 
The State Revenue Committee will process the application in an automated manner.


ACTION 10

• Target: support for micro-enterprises,
• Beneficiaries, economic entities registered as micro-enterprises,
• Support: one-time assistance in the amount of 10% of the turnover of goods, services provided in the first quarter of 2020, but not more than twice the minimum wage

 Basic terms and conditions:

• The applicant was registered as a family business in 2019, or
• The applicant was a natural person not registered as a self-employed entity in 2019, had a tax exemption license, or
• The applicant has been a natural person not registered as a self-employed entity since January 1, 2020; he or she was not registered in the way specified in sub-paragraphs 1 and 2 of this clause, neither were they registered as self-employed entities in the period under review.

 

ACTION 17

Target: high-tech industry
Beneficiaries: Business entities that meet the criteria specified in the RA Law on State Support in the Sphere of Information Technologies,
Form of assistance: one-time grant to successful entrepreneurs

Basic conditions:
- As of the day of submitting the application, the beneficiaries did not have overdue tax and credit obligations during the last 12 months.
- As of the day of submitting the application, the beneficiaries had not received a grant from the High-Tech Ministry during the last 12 months.
- Beneficiaries should have been registered in Armenia over the past two years as manufacturers, or registered in Armenia for more than 2 years in case of services;
Or technology companies that will attract documented and approved investments.