BAKU, Azerbaijan, May 15
By Fidan Babayeva - Trend:
Borrowers using the services of Azerbaijan’s Finance for Development Non-Bank Credit Organization (NBCO) have received the possibility of lending with interest rates from 1.6 percent per month, Chairman of the board of the NBCO Jalal Aliyev told Trend.
“Finance for Development NBCO seriously reduced interest rates. They fluctuate depending on the field of activity, loan amount, term and other factors,” Aliyev said.
“The determination of the income of agricultural entrepreneurs is carried out by various mechanisms. Moreover, these entrepreneurs are involved in tax accounting at a different level. Given this, the business and income of these entities will be analyzed, for example, as the income of an entity working with the mark of distinction. The accounting principles are different, even if it is considered to be a microenterprise entity,” the chairman noted.
Aliyev also stressed that loans to strengthen assets, as well as to purchase equipment and production devices will be offered to entrepreneurs engaged in manufacturing and processing activities, noting that the key to these loans is particularly the purchased equipment.
Loans for entrepreneurs of small and medium-sized enterprises (SMEs) are already offered to entrepreneurs who are moving from the category of micro-entrepreneurs to the level of SMEs in order to satisfy their growing needs for investment and working capital, he added.
“Agricultural lending required a completely different mechanism. Here, almost all aspects, beginning with the definition of turnover, seasonality and other issues related to insurance, return planning, stand out other sectors. Therefore, during given lending, the above aspects should be taken into account,” the chairman emphasized.
Finance for Development NBCO is a credit organization created by the Oxfam international humanitarian organization (UK) to provide financial services on a permanent basis to working people who do not have access to alternative financial services.
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