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FINCA Azerbaijan talks about volume of loans issued to farmers

Finance Materials 16 April 2020 20:00
FINCA Azerbaijan talks about volume of loans issued to farmers

BAKU, Azerbaijan, April 16

By Fidan Babayeva - Trend:

Support for agricultural farmers has always been a priority for FINCA Azerbaijan non-bank credit organization, Zaka Guluyev, Acting Head of the PR and Marketing Department at FINCA Azerbaijan, told Trend.

"People working in this sphere have problems with obtaining loans because of a lack of stable income,” Guluyev said. “But nevertheless, FINCA Azerbaijan’s mission is to provide them with loans on the most acceptable terms."

“From January 2019 through March 2020, FINCA Azerbaijan issued over 10,000 microloans to customers in the amount of more than 23 million manat ($13 million),” acting head added. “Over the past 15 months, more than 60 percent of these loans were issued to farmers.”

"As for the benefits, we would like to stress that FINCA Azerbaijan sets the loan interest on conditions available in the market and is working for every farm to be able to use financial services,” Guluyev added. “In particular, given the importance of the role of agriculture in the sustainable development of the country's economy, we offer more loans to the customers working in this sphere. Despite the difficult situation, today we continue to provide this group of entrepreneurs with loans."

“FINCA Azerbaijan today introduces a new innovative FinCard system, through which a client can withdraw a loan amount from the card,” Guluyev said. “The client may use this amount at his/her discretion by withdrawing money partially or at once, as well as for various non-cash payments.”

"Since the moment of creation, FINCA Azerbaijan has issued the loans worth more than $1 billion,” acting head said. “These resources have been allocated to support small and medium-sized businesses in Baku and the country’s districts."

FINCA International has been operating in Azerbaijan since 1998. There are 16 branches of the organization in Baku and the country's districts. It is part of FINCA Impact Finance, a global network of 20 microfinance institutions and banks that render the innovative financial services to the low-income customers to help them expand their activity.

FINCA Azerbaijan, the country's leading non-bank credit organization, offers a variety of loan products to encourage small businesses to increase their revenues. The organization pays more attention to the agricultural loans.

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