Over 36,000 small and medium-size enterprises (SMEs) benefitted from EU support in 2019, creating more than 31,000 jobs and generating over EUR 414 million extra income. Find out more below about how EU4Business works in Georgia, what it offers to SMEs and how it helps them withstand the economic challenges of the COVID-19 pandemic.
Small and medium enterprises are the backbone of Georgia’s economy. Accounting about 95% of all businesses and over 60% of employment in the country, SMEs in Georgia have great potential to create jobs and drive economic growth. The EU is standing by Georgian small entrepreneurs. A substantial part of our GEL 1.5 billion COVID-19 response package for Georgia is targeted at small and medium-sized businesses.
In 2019, the EU supported SMEs with 47 projects with a total budget of over EUR 328 million in Georgia of which EUR 75.89 million was already disbursed. This support is delivered together with our partner organisations, including the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB). These funds invested by the EU and partners have triggered additional loans and financial assistance in the country. As a result, so far, over 36,000 SMEs were supported, more than 31,000 jobs were created and over EUR 414 million extra income generated. The number of projects in the country are on the rise as EU4Business continues its operation in Georgia.
In the wake of the global coronavirus pandemic, the resilience of small and medium enterprises like in all countries, in Georgia too, has been put to the test. To help SMEs withstand the coronavirus economic challenges, EU4Business has supported businesses in Georgia to adapt to newly-emerging regulations and market requirements, maintain the workforce and continue operations even with limited recourses. For more information on Covid-19 support to businesses in Georgia please visit EU4Business_Covid-19.
Find out more from the stories below on how EU4Business works in Georgia, what it offers to SMEs and how it helps them withstand the economic challenges of the COVID-19 pandemic.
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CaucasPack is one of the Georgian companies which managed to fully retain its employees and adjust its production during the challenging times of Covid-19 crisis. After looking for different ways to stay operational, the company came up with the initiative to produce and deliver face-shields for the front-line healthcare workers and public officials and with the EU and UNDP support CaucasPack has already distributed 40,900 pieces of the PPE throughout Georgia. Read more
The history of the social enterprise Kombinizona producing therapeutic designer clothes started with a borrowed sewing machine and many plans for future. Today, despite the Covid-19 crisis, Kombinizona not only managed to create jobs with the EU support, but also increase the number of employed people with disabilities and keeps colouring people’s daily life with novelties and colourful therapeutic clothes. Read more