Definition of terms

The terms applied in the Program have the following meanings:

Potential beneficiary – An entrepreneur private / legal entity registered on the basis of Georgian Law on Entrepreneurs, with whom the co-financing agreement can be signed;

Beneficiary – An individual, complying with criteria of beneficiary and with whom the co-financing agreement has been signed;

Application  – application on receipt of co-financing submitted to the Agency by potential beneficiary;

New entrepreneurial activity – entrepreneurial activity initiated by potential beneficiary with a project submitted to the Agency or representing the new direction of entrepreneurial activity for potential beneficiary or that is active, but its implementation on new (another) location is being planned under the project;

 Co-financing – monetary funds to be issued by the Agency to beneficiary within the scoped of the Program, including by the way of reimbursement; 

Agreement  – co-financing agreement signed between the Agency and beneficiary, determining the obligations to be fulfilled by the Parties of the agreement within the scopes of the Program;

Proejct – project submitted by beneficiary through application, that may be subjected to financing by the Agency;

Grant financing  – financing received/to be received by potential beneficiary within the scopes of the program(s) implemented by donor organizations, not funded by the state budget of Georgia;

Mountainous settlement – settlement listed in the list of mountainous settlements approved under the Resolution N 671 of the Government of Georgia from December 30, 2015 year on “Approval of the list of mountainous settlements”.