USAID and Gazelle Finance announced a three-year program to provide technical assistance and COVID resiliency support to small and medium enterprises (SMEs) in Georgia. The Program will enhance the capacity and financial performance of more than 30 SMEs in high-potential economic sectors, helping them attract the private sector investment needed to return to growth in the pandemic and post-pandemic economic environment.
The Program will target its support toward a group of high-potential SMEs, helping them attract private sector financing, expand their businesses and generate employment opportunities in their communities. The Program will help beneficiary businesses secure access to new export markets, effectively compete with imports, strengthen their management, and improve environmental, social, and governance performance. Ultimately, this assistance will support the development of these companies into leaders in the Georgian economy, creating jobs and setting an example for other dynamic firms to follow.
“The pandemic has really strained Georgia’s small and medium-sized businesses. As we begin to look toward a post-COVID recovery, it’s crucial that businesses get the financing they need to return to growth, and to develop innovative products and services that can drive Georgia’s smart, long-term economic development,” said USAID/Georgia Mission Director Peter Wiebler.
“Our new partnership with Gazelle Finance is another great example of how USAID/Georgia is transforming the way we work with the private sector, helping forward-looking companies grow and contribute to the country’s development goals – including creating greater employment opportunities for Georgians across the country. ”
“This program is targeted to support over 30 SMEs, result in creating over 1,677 new jobs, and catalyze more than $15 million in foreign direct investment in the country of Georgia,” said the CEO of Gazelle Finance, Jeffrey Liebert. “This blended finance approach, a combination of know-how transfer and investment capital, is the key ingredient to create long-term sustainable businesses, which are currently underserved by the local capital markets.