Entrepreneurship Development Fund of the Republic of Azerbaijan is a legal entity operating in the direction of financing and promotion of entrepreneurial activity. Thefund provides soft loans, subsidies and credit guarantee schemes to greenfield andexpansion projects based on innovative technologies in non-oil sector and serves tocreate new manufacturing, processing and infrastructure enterprises, as well as to increase the production of export-oriented products in Azerbaijan. Soft loans are offered through authorized credit institutions to predetermined priority directions in the economy of Azerbaijan. The term of the loan is up to 10 years with the interest rate up to 5% in local currency and grace period of up to half of the loan term.