International Bank of Azerbaijan significantly reduces rate on business loans
BAKU, Azerbaijan, Aug.8
By Eldar Janashvili - Trend:
The International Bank of Azerbaijan (IBA) jointly with the Entrepreneurship Development Fund has begun to provide entrepreneurs with preferential terms for loans, Trend reports referring to IBA.
As reported, the interest rate on loans extended for up to 36 months has been reduced to 7.5 percent, and the loans themselves are provided to entrepreneurs with subsidized interest rates and a government guarantee.
Under the state business support program, entrepreneurs are provided with two types of loans - fast and traditional. The amount of quick loans is up to 200,000 manat ($117,647), and traditional loans - up to 3 million manat ($1.7 million).
An entrepreneur wishing to receive a government-guaranteed loan chooses an authorized bank by entering the required information into the Electronic Credit Platform. Then, he confirms the application, indicating the loan amount in accordance with the business plan. An application for an entrepreneur applying for a quick loan is reviewed by the Bank within seven business days, and applications for a traditional loan are reviewed within ten business days.
In line with the goal, government-guaranteed loans with subsidized interest rates can only be used by entrepreneurs working in areas affected by the pandemic.
On August 7, a webinar was held for the members of the Entrepreneurs' Club of the International Bank of Azerbaijan, where the rules for using these loans were explained in detail to entrepreneurs. During the webinar, representatives of the Bank and the Entrepreneurship Development Fund also explained to entrepreneurs the points of interest to them.
(1 USD = 1.7 manat on Aug.8)
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