Lack of data transparency and frequent legislative changes are among the main challenges facing SMEs – Union of Banks of Armenia
12.05.2026,
18:32
nsufficient transparency of company operations, limited data availability, and frequent legislative changes remain key obstacles to the development of small and medium-sized businesses in Armenia. Daniel Azatyan, Chairman of the Union of Banks of Armenia, told reporters on the sidelines of the conference "SMEs: Impact and Development Challenges."
YEREVAN, May 12. /ARKA/. Insufficient transparency of company operations, limited data availability, and frequent legislative changes remain key obstacles to the development of small and medium-sized businesses in Armenia. Daniel Azatyan, Chairman of the Union of Banks of Armenia, told reporters on the sidelines of the conference "SMEs: Impact and Development Challenges."
According to him, from the banks' perspective, the most important task is to increase SME transparency and the availability of information on their operations.
"If data is public and accessible in digital format, this will significantly simplify the financing of these businesses and allow them to offer the financial resources and services they truly need," Azatyan said.
He also noted that small and medium-sized businesses themselves most often point to administrative problems.
"When laws change frequently—even if the changes are positive in the long term—it's difficult for businesses to quickly adapt to the new situation," explained the head of the Union of Banks.
He also cited the lack of awareness among entrepreneurs about existing support programs from banks, the government, and international organizations as a problem.
Azatyan emphasized that ongoing dialogue between the financial sector and businesses is crucial for resolving existing problems.
"We must convey to small and medium-sized businesses that digitalization and disclosure of financial information benefits them as well," Azatyan stated.
He also reported that certain legal and organizational issues were identified during the forum's discussions, expressing confidence that these will be gradually resolved following such meetings.
According to him, from the banks' perspective, the most important task is to increase SME transparency and the availability of information on their operations.
"If data is public and accessible in digital format, this will significantly simplify the financing of these businesses and allow them to offer the financial resources and services they truly need," Azatyan said.
He also noted that small and medium-sized businesses themselves most often point to administrative problems.
"When laws change frequently—even if the changes are positive in the long term—it's difficult for businesses to quickly adapt to the new situation," explained the head of the Union of Banks.
He also cited the lack of awareness among entrepreneurs about existing support programs from banks, the government, and international organizations as a problem.
Azatyan emphasized that ongoing dialogue between the financial sector and businesses is crucial for resolving existing problems.
"We must convey to small and medium-sized businesses that digitalization and disclosure of financial information benefits them as well," Azatyan stated.
He also reported that certain legal and organizational issues were identified during the forum's discussions, expressing confidence that these will be gradually resolved following such meetings.
