Business • 16 April, 2020

Loan for SMEs provided in Kazakhstan amid pandemic

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The Agency of the Republic of Kazakhstan on Regulation and Development of the Financial Market in implementing the instructions of the President of Kazakhstan, has taken a number of measures to support the population and entrepreneurship during the state of emergency, primeminister.kz says.

On behalf of the President of the Republic of Kazakhstan, the National Bank, together with the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market, developed a program of concessional lending to small and medium-sized enterprises.

To implement this program, 600 billion tenge is allocated to small and medium-sized enterprises and individual entrepreneurs through the placement of conditional deposits in second-tier banks.

The business support mechanism is implemented by providing second-tier banks with soft loans for working capital replenishment to small and medium-sized enterprises, individual entrepreneurs who suffered as a result of the state of emergency, for up to 12 months at a rate of no more than 8% per annum.

The term for the development of funds by second-tier banks is three months. Restrictions for small businesses up to 3 billion tenge, for individual entrepreneurs – up to 50 million tenge.

In addition, an additional 84.5 billion tenge is planned to be allocated for the implementation of the Business Road Map. It is envisaged to strengthen measures to support entrepreneurship through subsidizing and guaranteeing loans to entrepreneurs. This will create about 16 thousand jobs. As part of the clarification, additional costs in the amount of 50 billion tenge are envisaged for the implementation of the Enbek program. As a result, the development of mass entrepreneurship will continue, the creation of an effective model of labor mediation and skills, including support for socially vulnerable groups of the population.

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