PILOTING MICRO LOANING
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A pilot micro loaning scheme for small businesses is being launched in Tashkent.
Graduates of secondary specialized, vocational and higher educational institutions, the Tashkent residents who returned from the army, the unemployed residents of the capital who are registered at job agencies, as well as the people engaged in family and private enterprise are a priority cohort for microcrediting under the project.
In 2017, it is planned to allocate a total of 277 billion soums of microloans through 126 branches of commercial banks in the city. President of Uzbekistan has approved the list of major activities to be subject to micro loaning. There are a total of fifteen activities. Meanwhile, other family businesses may be offered at the request of citizens’ self-government bodies.
The amount of micro-credit can be up to 200 times the minimum wage for the maximum of three years with a six-month grace period. There are benefits for interest payments, related to the performance of job creation. For example, the creation of one workplace provides the annual interest rate of 9%, two jobs - 8%, from three to four jobs - 7%, five or more jobs - 6%.
Last year, the total amount of bank loans to the real sector increased by 1.3 times, and has exceeded 53.4 trillion soums in the beginning of 2017. As of January 1, the volume of loans to small businesses has increased by 1.3 times and reached 15.9 trillion soums against 2015, including more than 3.3 trillion soums of microloans with an increase of 1.3 times.
