Supporting more than 100 entrepreneurs over 10 years in Armenia
Published: Jun 27, 2023 Reading time: 2 minutes
June 27th is celebrated as Micro, Small, and Medium Enterprises (MSME) Day globally, highlighting the significant role that MSMEs play in economic development and social progress. This day serves as an occasion to recognize and celebrate the contributions, challenges, and potential of all MSMEs.
MSMEs form the backbone of many economies worldwide and contribute significantly to employment, economic growth, and innovation. These enterprises, almost always independently owned and operated, play a crucial role in fostering entrepreneurship, reducing poverty, and enhancing social development, particularly in developing nations where formal job markets may be limited.
Helping to develop the local community
People in Need has always acknowledged the potential opportunities of MSMEs in Armenia and has supported many of them through different projects over the years. According to our research from 2012-2022, we have supported more than 100 MSMEs, and about 71% of these enterprises continue to survive and generate income to this day.
These enterprises cover all sorts of different fields, including but not limited to, agriculture (31%), textiles (11.5%), accommodation (10.5%) and food processing (9%). The fascinating thing about PIN-supported MSMEs is the engagement of women in these businesses (they run 36% of them). These enterprises also include many family-run businesses, meaning that the representation of women is actually even higher! Geographically, MSMEs are present all around Armenia, most notably in Yerevan, Shirak, Syunik, Armavir and Kotayk.
Some of the reasons that we support MSMEs are to help develop communities, aid individuals generate income, and create job opportunities. Additionally, by supporting MSMEs, we contribute to the social engagement of men and women and enable them to become key decision-makers. While there are many MSMEs that stand out, there are two, in particular, that we will discuss here.
Entrepreneurs in Armenia
Firstly, the Amasia Wool Factory (founded in 2019) is a unique medium to large fibre processing unit operating in Shirak, Armenia. It is a wool value chain that enables other enterprises to consume their products and generate income, i.e. the factory sources its raw materials from Shirak shepherds and produces pure Armenian wool for local and international clients.
Another successful and very unique MSME is the Mets & More Bakery, established in 2022 in pursuit of social cohesion. It employs displaced and vulnerable families in an effort to create job opportunities and sustainable incomes. Proceeds from the bakery are used for future development programs within the city of Metsamor.
Over the past decade, we have supported hundreds of MSMEs. MSMEs are the lifeblood of economies helping them is an important way of helping individuals to earn a livelihood and transform their business dreams into a reality.
