A pilot program to support entrepreneurship among people aged 63 to 72 was approved at the government meeting on November 5. The program was presented by Aram Khachatryan, Deputy Minister of Economy of Armenia.
The program is designed for older citizens who have professional experience and want to start their own businesses but lack the necessary start-up capital or sufficient business skills.
Under the program, at least 400 citizens will participate in free entrepreneurship training courses, while 200 selected participants will have the opportunity to receive up to AMD 2 million in government support.
During the courses, participants will learn how to calculate expenses and revenues, engage in marketing, and develop their own business plans. After completing the training and receiving the relevant certificate, they will be able to apply for funding through banks participating in the program.
The funding is not a loan, and citizens will not have to repay it as long as they comply with the program's conditions. The money will be transferred electronically, directly to organizations supplying goods or services.
The program also has a regional focus, with priority given to citizens living in border areas, high-altitude and mountainous regions, and rural communities.
The program's total budget is AMD 400 million. It will be implemented on a pilot basis, with results to be reviewed and its effectiveness assessed after one year.
The distinctive feature of this program is that it offers more than just financial support: participants must first learn the basics of running a business and then present their business plans. This could help ensure that government funding goes to people who not only want to start a business but also have some preparation to put their plans into practice.
For older citizens, work experience can often serve as the foundation for their own business, but the opportunity to start one also depends on financial resources and practical knowledge. When evaluating the program's effectiveness, it will be important to determine whether the 200 selected participants can turn their ideas into sustainable businesses.
The priority given to regional communities is another important aspect of the program. It could create opportunities for people whose prospects of starting a business are limited by their place of residence or access to financing.
