FAR, along with our partner HSBC Armenia, is happy to present the initial results of a project that aims to boost small business activity and promote financial literacy in the Tavush Region, which is one of Armenia’s poorest.
Officially called Boosting Responsible Financial Behaviour and Kick-Starting Business Activism, our joint effort improved the financial literacy of 140 farmers and young people by educating them about how to make informed and sustainable financial decisions as well as develop their entrepreneurial knowledge and skills.
The initiative also provided valuable support for 30 business ideas in the Tavush Region. During a recent event, 11 small business owners from Tavush pitched their business ideas, which included beekeeping, dried fruit production, animal husbandry, viticulture, and mechanics. Six of these ideas received funding right on the spot.
"We are confident that with the provided modest grants, we are not only providing entrepreneurial support to the selected families but are also contributing to the sustainable development of these villages," said FAR Economic Development Programs Manager Erik Baghdasaryan.
"Since the beginning of its activity in Armenia, HSBC Armenia has been implementing different community development projects within the framework of the bank's strategy to promote financial literacy and entrepreneurial skills,” said Community Investment Coordinator of HSBC Armenia Nora Nazaryan. “Despite the fact that some aspects of the preparation and implementation stages of this project were hampered due to the COVID-19 pandemic and geopolitical tensions, we made every effort to ensure proper implementation of the project in accordance to its goals and improve the quality of life of the community by providing new opportunities and giving hope to the vulnerable groups of the population. Hence, I am very proud of the work that has been accomplished.”