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Nazrin Abdul

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To bolster the financing of projects by SMEs in the fields of education, science, research, and support, the Small and Medium Business Development Agency (SMBDA) allocated a grant of AZN 374,488 to 21 projects from January to June this year, Azernews reports.

Over the course of the year, SMBDA has organized 5 grant competitions to support these sectors. In total, grant support amounting to AZN 1,426,955 has been awarded to 79 projects submitted through these competitions. The 6th grant competition is scheduled for the second half of this year.

Grant competitions, project evaluations, financing, monitoring, and accountability are conducted in line with the "Regulation on the Financing of Education, Science, Research, and Support Projects Related to the Development of Micro, Small, and Medium Entrepreneurship," as approved by the Cabinet of Ministers' Decision on September 30, 2020.

According to this regulation, submitted projects are reviewed by an Expert Commission composed of 7 representatives from various public and private institutions. Projects are assessed based on 14 criteria, including their impact on the development of micro, small, and medium enterprises, innovation, feasibility, and the availability of necessary resources. Each project is rated on a 5-point scale, and the final decision is made by a simple majority vote. The aim of the evaluation process is to assess the project's content, its potential for implementation, and the appropriateness of its funding. Projects with the highest scores are selected as winners, and funding decisions are made accordingly.

The selection process by SMBDA adheres to the principles of transparency, equality, efficiency, and effectiveness. Results, including details about winning SMEs, their projects, and allocated grants, are published on the agency’s website. Projects that do not win may be resubmitted in future competitions with improvements. Additionally, applicants can seek assistance from the agency’s SME development centers for project document preparation. The progress of all funded projects is monitored and assessed by a dedicated Monitoring Group established by the agency.

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