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Concessional loans up to 10,000 manats are now easier to get 05.09.22

The innovation's introduction has begun with regard to business owners who require loans with favorable terms of up to 10,000 manats. This information was presented at a meeting that the Entrepreneurship Development Fund, the Small and Medium Business Development Agency (KOBİA), and the Azerbaijan Banks Association jointly hosted. It was stated that entrepreneurs' failure to present documentation on the location or property where they will operate on investment projects is the major obstacle to receiving concessional loans of up to 10,000 manats. To get around this issue, a "Notification form" has been created that will take the place of that documentation for business owners who need up to 10,000 manats in credit but are unable to provide proof of their location. According to the entrepreneur's request, this form will be completed by KOBİA's local staff (SME Friend), and the entrepreneur will then submit it to the designated lending institution. SME Friend will check the entrepreneur's place of business and add details on the material and technical supply of the indicated place or property to the "Notification form," which will then be accepted as documentation of the entrepreneur's place of business.

The meeting's participants' questions were addressed at the conclusion.