The study on viability of MSMEs supported by PIN Armenia in 2012-2022

The period of 2012-2022 saw an immense amount of political, social, and economic changes in Armenia, from the Covid-19 pandemic to the 44-Day War with Azerbaijan in 2020 to the ‘Velvet Revolution’ of 2018 which brought in many democratic changes. In its examination of the viability of

PIN-supported small- and medium-sized enterprises (MSME), this study indicates a general positive trend of business viability, with PINsupported businesses continuing to operate at better rates than the average despite both work that can be improved on in terms of the skills training of program participants, and the severe external obstacles in the documented span of time. The methodology primarily follows desk reviews of documents and business plans in additional to interviews with a selection of PIN-supported businesses as well as business advisors. The findings focus on a number of different areas: the performance and constraints of MSMEs, employment, the representation of women in MSMEs, the accessibility of financial services and accountancy, the support and business skills received and how these can be complemented in the future, business development services, resiliency, and a report on the wool factory in Amasia that PIN helped to establish. The findings are broadly positive; of the lessons learned, requirements regarding job creation from start-ups were counterproductive, the Business Model Canvas was incredibly valued as a tool by trainees, training and post-grant support is of great value to respondents, and the importance of networking between beneficiaries cannot be overlooked.