Azerbaijan, Baku, Oct. 2 /Trend, E. Aliyev/
The process of obtaining preferential loans for entrepreneurs through the National Entrepreneurship Support Fund (NESF) under the Azerbaijani Ministry of Economic Development has become fully electronic, NESF Executive Director Shirzad Abdullayev said at the presentation of system for electronic management of investment projects, as well as on NESF's updated website.
"Those who want to obtain a loan can submit an appeal via e-mail to an authorized credit institution, which will be considered in accordance with the legislation and sent to the NESF. The Fund's decision on the project will be sent to a credit organization, and the related information will be sent to the email address of the applicant. Thus, the entire process from submitting an application to transfer of money to the account of the borrower is carried out in electronic form," NESF head said.
According to him, entrepreneurs will able to use the advantages of this system on Fund's new website www.anfes.gov.az.
"The introduced electronic system will allow not only significantly reducing the time costs, but also will enable entrepreneurs to track every stage of the consideration of their appeals and stages of financing the investment projects. Moreover, with the implementation of this system, the record of preferential loans, as well as the entire document turnover, associated with monitoring of target use of funds allocated by NESF, have been fully transferred into electronic form," he said.
The NEFS was established in 1992. The issuance of loans to entrepreneurs is conducted through authorized banks and non-bank credit organizations, the total number of which is 43.