Georgia, Tbilisi, June 19 / Trend , N. Kirtskhalia /
The special commission of the Ministry of Economic Development of Georgia trusts the allocation of funds under the Cheap Credit State Program on three banks - VTB Bank Georgia, Bazisbank and People's Bank.
This decision was made today by the special commission, chaired by the Deputy Minister of Economic Development Levan Pateiashvili.
"The motive of election of these three banks is to increase competitiveness, create available conditions for the population and most importantly - diversification of banks. From the next week, people will have an opportunity to appeal to the banks. Information will be posted on the website of the Ministry, the bank's internet site and in the newspaper 24 hours, said the Minister of Economic Development of Georgia, Lasha Zhvania.
According to the terms Cheap Credit, the amount will be allocated for providing low-interest loans to develop small and medium businesses. The amount should not exceed 20,000 lari, the period of loan - seven years with grace period of two years. The state provides funds to banks at two percent, while banks issue loans to entrepreneurs under 12 percent. Loans are granted for the development of agriculture, tourism, handicraft and other spheres.
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