Baku, Azerbaijan, Sept. 25
Trend:
Rabitabank, one of Azerbaijan’s leading banks on business lending, plans to provide loans to entrepreneurs starting at an interest rate of 8 percent per annum, the bank said in a message.
Rabitabank offers its clients long-term loans in manats on preferential terms with the support of the Azerbaijan Mortgage and Credit Guarantee Fund.
In 2018, the Fund approved the procedure for granting loan guarantees and subsidizing interest rates to support the development of the non-oil sector and entrepreneurship, and Rabitabank was elected an authorized bank of the Fund on credit guarantees.
Under the new approved rules, the Fund will provide guarantees on loans received in manats, and part of the interest will be allocated by the Fund to the bank in the form of a grant. As a result, entrepreneurs will be able to obtain loans guaranteed by the Fund at preferential interest rates.
As part of cooperation with the Fund, Rabitabank can provide loans worth 30,000 manats - 5 million manats to entrepreneurs and at a low interest rate.
To get the loan, an entrepreneur can obtain information about compliance with the conditions of granting the Fund’s guarantee by applying to any branch of Rabitabank.
(1.7 manats = 1 USD on Sept. 25)