BAKU, Azerbaijan, June 1
By Fidan Babayeva – Trend:
Azerbaijan’s Finoкo non-banking credit organization issued loans on favorable terms for the agricultural sector at low interest rates through the Entrepreneurship Development Fund and the Agrarian Credit and Development Agency (AKIA) under the Azerbaijani Ministry of Agriculture during the special quarantine regime in the country, member of the board and customer relations director in Finoko Boyukagha Mammadov told Trend.
“Over the entire period of lending, the total number of the loans issued to farmers and agricultural enterprises reached 2,009,” Mammadov added.
"The small and medium-sized businesses were financed, the consumer and pawnshop loans were issued through Entrepreneurship Development Fund and AKIA in 2019,” member of the board said. “The loans worth 11.1 million manat ($6.5 million) were issued to the small and medium-sized enterprises in 2019."
“Finoko plans to introduce the new loan products this year, which includes a wide range of consumer loans and car loans, which are currently in great demand,” Mammadov said.
Finoko has been operating since 2014. The organization’s mission is to issue loans in a quick and affordable way. The authorized capital is 4.8 million manat (2.8 million) while the total capital – 8.09 million manat ($4.7 million). Finoko has four branches in Azerbaijan, three of which are regional and one in Baku.
The organization issues the loans in the following spheres: financing of small and medium-sized businesses, consumer lending, including agriculture, both independently and through the Azerbaijani Entrepreneurship Development Fund and the Agrarian Credit and Development Agency (AKIA) under the Ministry of Agriculture.
----
Follow the author on Twitter: Fidan_Babaeva