BAKU, Azerbaijan, May 1
By Tamilla Mammadova - Trend:
The Georgian Ministry of Economy is working on updating a credit guarantee program that came into force in April 2019, Trend reports citing Georgian media.
As reported, this credit guarantee program aims to support small and medium-sized businesses, which operate in sectors where loan issuance is restricted or do not have enough property to secure a loan. Now the goal is to make this program adjustable to the government's coronavirus anti-crisis economic plan.
On May 1, Georgian Economy Minister Natia Turnava held an online meeting with the heads of banks operating in Georgia and informed that 300 million lari (about $93.31 million) will be allocated to implement the credit guarantee program to help the businesses faster get out of the crisis caused by the coronavirus pandemic.
"Access to financing is a big problem today. Small and medium-sized businesses find it particularly difficult to make a turnover. Consequently, employees in such companies are at risk", said Turnava.
According to her, the goal of any government's programs is ultimately to keep jobs for employees.
"The updated credit guarantee program will meet all of these challenges: small and medium-sized companies will have the opportunity to restructure bank loans, as well as attract capital to finance their needs, including employee remuneration", said Turnava.
She added that the ministry is ready to submit an act to the government, according to which the updated credit-guarantee program will come into force and will be reflected in the anti-crisis budget.
---
Follow the author on Twitter: @Mila61979356