BAKU, Azerbaijan, Nov. 14
By Tamilla Mammadova – Trend:
Business loans issued by the Bank of Georgia under the Deep and Comprehensive Free Trade Areas (DCFTA) have helped a number of businesses grow and develop production, Trend reports via Georgian media.
Among them is Geoflowers LLC, which, with financial support from the Bank of Georgia, built a plant in Ambrolauri, thereby increasing the productivity of the enterprise by 30-35 percent.
As the partner of Geoflowers LLC Gocha Dzneladze noted, he several times borrowed from the Bank of Georgia for the development of the company.
"We received the first loan from Bank of Georgia in 2009, which was intended mainly to replenish working capital, and for the further development of the company in 2014, we needed to take a long-term loan," Dzneladze said.
Geoflowers LLC is engaged in the processing of dried fruits and medicinal plants and tea, production facilities are located in Racha, Akhaltsikhe, Dusheti and Khashuri.
The company produces about 25 different types of products, most of which are organic. Some 99 percent of manufactured products are exported.
The lending under the DCFTA program was possible in conjunction with government programs such as Produce in Georgia and Cheap Agro Credit. The purpose of the project loan was to purchase property, plant and equipment or finance production (including the construction of a factory building) in accordance with EU standards.
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