Description
The Armenia Support Fund (ASF) was established in early 2020 to take on strategic initiatives impacting Armenians in both Armenia and around the globe. In response to COVID-19, ASF has partnered with the Paros Foundation to launch the “Armenia COVID-19 Small Business Support Initiative” which aims to raise funds to support the business-related needs of family-owned businesses negatively impacted by COVID-19 in Armenia. After reporting record breaking GDP growth numbers in 2019, Armenia’s GDP is projected to be ~25% of what it would have been in 2020 before COVID-19.
This first phase will work to identify and support 20 family businesses with the goal of supporting up to 2,000 businesses as funds become available. Small businesses that are properly register, family-owned, employ less than 20 people and had 2019 annual sales of under 200K USD (96.5M AMD) will be eligible to apply for grants of up to $2,500 to help them meet specific needs of their COVID-19 effected businesses. Paros Staff will work with potential applicants to gather required information for their application and submit to the ASF and Paros team for approvals. Once approved, The Paros team will oversee and administer the grants, ensuring full transparency and success in helping these businesses thrive through this crisis.
If you are a business in Armenia and wish to apply or learn more, click here: Application
Gallery Images
Armenia's thriving restaurant industry has been devastated by COVID-19 and
the lack of tourism.
Armenia's economy depends on the inflow of hundreds of thousands of tourists annually to help support thousands of family businesses.
Yerevan, Armenia - October 22, 2011: A merchant arranging his workplace at an old city market located in the downtown of Yerevan.
Yerevan,Armenia - July 10,2017:The beautiful building on the Square of the Republic in Yerevan,the capital of Armenia, one of the oldest cities in the world.The Need
COVID-19 has had devastating effects on Armenia’s economy and families that own small businesses. In addition, the pandemic has ruined Armenia’s flourishing tourism industry, which impacts everything from small artisans to hotels and restaurants. ASF’s goal is to help some of these families get their businesses through crisis and continue building Armenia’s economy.
Short Term Impact
In the short term, beneficiaries of this project will receive grants up to $2,500 to help them and their families survive the current COVID-19 pandemic. Additionally, this one time infusion of support, the application process and follow up will help them improve their business model for the future. The economic benefits of these grants will also be felt immediately in the Armenian economy.
Long Term Impact
In the long term, helping these family businesses through the pandemic will not only help Armenia’s economic recovery happen more quickly, but will help ensure these families remain committed to their businesses and not consider abandoning them and possibly leaving the country for economic reasons.
Sponsors Benefits
All sponsors of this project will be listed on the Armenia Support Fund website, The Paros Foundation website and in all appropriate press related to this important project. Meetings with businesses can be arranged for sponsors visiting Armenia in the future.
Updates: Images & Information
The final 15 small businesses received they grants from the Armenia Support Fund by February 2021, some of which include: Tork Taekwondo Club, Sunny Guest House and Mailyan Souvenir Production. They were are very grateful and are excited for the opportunity to be able to continue their business.
By December 1st, 2020, 21 more small businesses received grants from the Armenia Support Fund some of which include: Naro Dolls, VGuard Leather, Chocolate Story, Aleppo Optic, Abak Mental Math Academy and Emilia Art House.
The next group of Armenia Support Fund grant recipients received aid and are able to stay afloat. These business include: Abu Hagops, a Syrian Armenia owned restaurant in Yerevan, VJ Accessories, which produces leather goods, Pes-Pes, a company that produces child friendly educational maps of Armenia, Burger Coffee House, which caters to university students and tourists in the Yerevan City Center and Maronyan Fashion, a local fashion designer.
The next three grant recipients are Tatevik, Rose & Karlen. Tatevik & Rose are both tour guides, an industry that has greatly suffered due to the complete stop of summer tourism to Armenia. Karlen owns a car rental company, which has also suffered due to the lack of travel.
With the help of our community and in partnership with Armenia Support Fund, the next two recipients have received their grants in Armenia. Kabayan Tours is owned and operated by Moushegh Kabayan. He intends on using his support to help develop the domestic tourism market by designing tours catering to niche markets. Star Tours is owned and operated by Marianna Malishanko and focuses on promoting Armenia as a tourist destination for the Asian market.
Meet the next two Armenia Support Fund grant recipients – both based in tourism. This industry has greatly suffered with the absence of tourism in Armenia during the summer months and now throughout the year. Anush Exazarian and her family run a travel agency, Vaneni Travel Studio in Yerevan, which was dramatically affected by the Covid-19 pandemic. Ani Hovhanisian and her family built the Noosh Guesthouse in Ashnak Village in the Aragatsotn region of Armenia. They had plans to expand when Covid-19 struck.
We are excited to announce that representatives from both Paros and the Armenia Support Fund visited and awarded the first two businesses in Armenia their small business grants! Garik and his family run a bed and breakfast, The Edge of The World, in Norashen in Armenia’s Tavush Region. The second grant went to The Terracotta Studios, in Yerevan, which provides art instruction for young people.
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