Posted: 9 months ago

Winners Announced for "Enterprise Georgia" Entrepreneurship Grant 2023

The "Enterprise Georgia" entrepreneurship grant program for 2023 has unveiled 1,176 successful beneficiaries. A notable highlight of this year's cohort is the dominance of female entrepreneurs over their male counterparts.

Furthermore, young entrepreneurs, those who represent the future of business innovation, make up 26.45% of the winners. These projects are set to provide employment opportunities for around 3,000 individuals.

Established with a vision to bolster micro and small-scale businesses, the program plays a pivotal role in fostering a contemporary entrepreneurial mindset and spurring job creation. For this year's program, the maximum grant allocation was capped at 30,000 GEL. Beneficiaries are mandated to contribute a minimum of 20% of the grant amount they've sought, though this is reduced to 10% for those located in highland regions. For existing beneficiaries, their contribution requirement stands at 50% of their requested grant amount, with those in highland regions getting a concession at 25%.

Grantees are expected to judiciously utilize the funds: allocating at least 90% towards capital expenditure, while restricting working capital to a maximum of 10%.

This robust program finances approximately 300 distinct economic activities. Reflecting on its impact from 2015 to 2022, it has backed over 8,000 projects with investments surpassing 116 million and creating positions for over 21,000 individuals.