Following a three-month intensive training course, 27 entrepreneurs from the agricultural and tourism sectors have secured the opportunity to access favorable financing from Armeconombank within the framework of the IRIS Business Incubator’s revolving fund.
Under the “IRIS RECONOMY Accelerator Program,” the IRIS Business Incubator, in partnership with Armeconombank, enabled dozens of SMEs to enrich their business knowledge and develop investment plans aimed at business growth, expansion, and scaling.
For months, the SME representatives worked alongside experienced mentors to evolve their business ideas, refine their business strategies, and acquire new knowledge in digital and green transformation, as well as the application of AI in business.
As the financial partner of the project, Armeconombank managed the revolving fund of the IRIS Business Incubator. The Bank was actively involved in nearly all stages of the program – providing advisory services, contributing to the enhancement of the entrepreneurs’ financial literacy, and supporting the preparation for the financing process.
In the next cycle, the Bank plans to actively participate in the mentoring component of the program as well. This will aim to further strengthen the entrepreneurs’ financial and investment readiness, as well as develop their knowledge and capacities in environmental and social risk management.
At the conclusion of the project, 27 winning participants were selected through a competitive screening process. They were granted the opportunity to leverage financing offered by the IRIS Business Incubator’s revolving fund under highly competitive terms, managed by Armeconombank.
“We started our small business using our personal savings, avoiding any loans. However, thanks to this program, we gained crucial business management knowledge. We realized that our business had reached a milestone where investments could drive our expansion and ensure access to new markets. We view this as a vital investment in the future of our business. With the acquired funds, we were able to create a new product – lemonades made from natural ingredients – for which there is high demand in foreign markets. I am truly grateful to Armeconombank both for the favorable financing and for the guidance and support provided throughout the entire project. This is highly important for the development of the SME sector,” noted Nelli Poghosyan, owner of the AYA food manufacturing brand and one of the 27 entrepreneurs selected through the project, while reflecting on the program’s results.
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Armeconombank is supervised by the Central Bank of Armenia.
