AccessBank Micro Lending sets new records
Azerbaijan, Baku, March 2 / Trend /
Today Access Bank announced that in February it disbursed over 6,500 Micro Loans for $20 million to businesses across Azerbaijan.
This is the highest number and amount of Micro Loans that AccessBank has disbursed in a one-month period in its history.
The record number of Micro Loans included over 2,000 Agro Loans for over $4.5 million - also setting new monthly records. This record effort was led by AccessBank's Ganja branch which alone granted micro loans to over 900 businesses in the Ganja region in February.
Through its Micro lending AccessBank is making a leading contribution to the development of small businesses across Azerbaijan and especially in the regions, helping to create jobs and diversify the economy.
General Manager Andrew Pospielovsky, greeting the announcement said: "We are experiencing record demand, as many institutions are forced to restrict their lending due to the global financial crisis. We are proud that, in this difficult environment, AccessBank is able to step in and provide essential financing to Azerbaijan's small business community and demonstrate again that we are Azerbaijan's reliable business partner".
AccessBank was created to provide access to financial services for Azerbaijan's families and micro and small business. AccessBank has been recognized as the most reliable private bank in Azerbaijan by Fitch Ratings which assigned it the highest rating among private banks (BB+).
AccessBank is 100% foreign owned by six shareholders, consisting of: the European Bank of Reconstruction and Development, the International Finance Corporation, the Black Sea Trade and Development Bank, KfW Development Bank - the Development Bank of the German Government (20% per each), Access Microfinance Holding acting in microfinance field as a strategic investor (16.5%), and LFS Financial Systems GmbH - a German consulting company (3.5
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