VTB (Azerbaijan) helped self-employed people open their own business

Eight residents of the republic, with the support of VTB (Azerbaijan), opened their own business this year - an atelier, a hairdressing salon, a carpentry shop, the production of PVC windows and doors, and a bakery. The bank provided them with the necessary equipment free of charge to conduct business under the state program “Self-Employment”.

“Today, the country’s banks are one of the drivers of the state’s social policy. For VTB (Azerbaijan), targeted assistance to the families of the republic has become one of the most important tasks. Thanks to the self-employment program, the bank has helped more than 40 residents open their own businesses over three years. Unlike benefits, such state support helps a person get out of a difficult financial situation and increase their income level. We plan to continue our participation in the state program next year, purchasing equipment for new business ideas,” commented Tural Huseynov, member of the board, director of the corporate business development department of VTB (Azerbaijan).

The Self-Employment program was launched in Azerbaijan in 2017. The unemployed, as well as people who are registered with the employment center, can take part in it. They are supported by financial organizations of the country in accordance with the signed tripartite memorandum between the Central Bank, the Ministry of Labor and the Association of Banks of Azerbaijan. This year, 23 banks are participating in the project, which have already helped 300 residents open businesses. VTB (Azerbaijan) has been actively participating in the program since 2020.