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Azerbaijan National Support for Entrepreneurship to change terms of loan issuing

Business Materials 23 February 2009 18:39 (UTC +04:00)

Azerbaijan, Baku, Feb. 23 / Trend /

The National Fund of Entrepreneurship Support of Azerbaijan plans to change the rules of issuing privileged loans, Economy Development Minister Shahin Mustafayev said.

"The current percentage rate on loans is seven percentage. We have worked out new rules simplifying loan terms," Mustafayev added.

The maximum size of loans will be increased to 5 million manat. Earlier, the maximum sum of loans was up to 3 million manat.

"The percentage rate of loans will be changed and term will be determined. There were no restrictions before. But now strict limits will be imposed," Mustafayev said.

Authorized banks will consider application for 15 days. Loans will be provided to entrepreneurs within 28 days.

"Entrepreneurs must present their business plan. However, many businessmen indicate incorrect goals for which they appealed to obtain loans," Mustafayev added.

Workshops will be held in the Economy Development Ministry Business Centre for entrepreneurs.

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