BAKU, Azerbaijan, Oct. 15
By Zeyni Jafarov – Trend:
As of October 13, 2020, about 3,000 applications for a new business loan have been registered through the Electronic Credit Platform (e-credit) created by the Azerbaijani Ministry of Economy, Trend reports citing the ministry.
The applications were registered under the credit guarantee mechanism, said the ministry.
According to the ministry, decisions on 346 applications have already been made to allocate loans for a total of 90 million manat ($52.9 million). At present, other applications are being considered, and within a set period, that is, 7 or 10 working days, entrepreneurs will be informed about the results through the platform.
The provision of business loans via this electronic system gives entrepreneurs such advantages as online application for business loans, simultaneous consideration of their applications in authorized credit institutions, and the Ministry of Economy, as well as tracking the status of applications in real-time.
With the help of the e-credit, entrepreneurs' access to loans is expanded, and time and expenses are saved.
(1 USD = 1.7 AZN on Oct. 15)
---
Follow the author on Twitter: @jafarov_zeyni