BAKU, Azerbaijan, Oct. 14
By Klavdiya Romakayeva - Trend:
A loan of up to 225 million soums ($21,737) will be provided for entrepreneurs in Uzbekistan who founded their own micro-firms or small businesses, Trend reports referring to UzA.uz national information agency.
Starting from November 15, 2020, Uzbekistan plans to introduce a certain procedure for state support for training women and youth in professions and entrepreneurship skills.
According to the presidential decree, non-state educational institutions will train women and youth in entrepreneurship in special courses. The training program must be approved by the Agency for the Development of Entrepreneurship and the Graduate School of Business and Entrepreneurship.
Those who complete the courses will receive a certificate and will be able to count on receiving unsecured microcredits in the amount of up to 33 million soums ($3,188) to start their own business.
A loan of up to 225 million soums ($21,737) can be obtained by those who founded their own micro-firms or small businesses. A loan of this size will be issued based on a guarantee of third parties and other types of security provided by law.
The mentioned loans can be obtained for up to three years, including a grace period of up to six months at the basic rate of the Central Bank (now 14 percent). Loans will be issued through Microcreditbank JSCB in Uzbekistan.
The Fund for Reconstruction and Development of Uzbekistan will allocate $100 million for the implementation of the program. Of this, $45 million will be used to issue loans to young people and the same amount will be directed to loans to women. The remaining money will be spent on training in professions and entrepreneurship in training courses.
In addition, 70 percent of the expenses of non-state educational organizations spent on training the population in professions and entrepreneurship in training courses organized by them based on programs and requirements approved by the Agency for the Development of Entrepreneurship and the Higher School of Business and Entrepreneurship is compensated by the state, but in an amount not exceeding one million soums ($96.6) for each graduate (youth and women).
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