In Azerbaijan, over 99% of entrepreneurs are SMEs, with about 97.3% being micro-enterprises, 1.9% small, and 0.8% medium-sized. These SMEs operate across sectors such as trade, agriculture, construction, logistics, tourism, and more. Recently, SME turnover and income have significantly grown, boosting the country's economic development.
Despite substantial government support for SMEs, persistent challenges remain, such as limited access to financing, bureaucratic obstacles, and regulatory complexities. These hurdles include high interest rates, stringent loan terms, and a lack of interest from lenders in rural areas, all of which pose challenges for SMEs seeking financial assistance
EU has been supporting SMEs in Azerbaijan through the EU4Business programme. Almost 38 different projects are active with a total budget of over EUR 103 million. Over 8,726 SMEs in Azerbaijan were supported in 2022, resulting in an estimated 3,639 new jobs and an 12% growth in overall turnover.
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