The National Bank of Georgia, in cooperation with the European Fund for South East Europe Development Facility (EFSE DF) and with the involvement of the Export Development Association (EDA), developed a financial education program for micro and small entrepreneurs within the framework of the Financial Education Year. The guide Micro and Small Business Handbook: Relations with Financial Institutions and Making Financial Decisions was published as part of the program. The program launched in July 2018. It entailed the training conducted by EDA experts in Akhaltsikhe and Tbilisi for entrepreneurs of Samtskhe-Javakheti and Kvemo Kartli regions.
The goal of the program is to help micro and small business owners and prospective entrepreneurs acquire and develop the knowledge and skills to help them make the right financial decisions based on their own business needs and prospects. The manual and training module developed for the program is tailored to the needs of micro and small entrepreneurs.
The program offers the entrepreneurs to learn about the sources of business funding and financial services, as well as business evaluation methods and key indicators used for this purpose. Additionally, the entrepreneurs can find out about their rights and responsibilities, independently determine the short- and long-term needs and solvency of the business and select the most suitable financial product. Participants also learn how to maintain financial accounting and effectively plan future actions to avoid risks.
The program is designed in a simple language, easy to be comprehended by the target group and offers multiple examples, tips and case studies to help entrepreneurs easily put the theoretical knowledge to practice. The program guide is primarily aimed at micro and small business owners; still, the practical advice that it includes is relevant and helpful for owners of larger companies as well.
The guide Micro and Small Business Handbook: Relations with Financial Institutions and Making Financial Decisions, sample financial statements (profit and loss account, balance sheet and cash flow statement), sample loan calculator are available for free to any interested party.