Nurbek Umetaliev, head of the entrepreneurship development department at the Ministry of Economy and Commerce, noted that out of the total amount, 300 million soms will be directed towards subsidizing banks' costs. He explained that when banks lend to entrepreneurs, the difference between the actual interest rate and the preferential rate is covered by the government. For example, if the real rate is 12-15%, the government compensates 6-9% from the budget.
“This amount is allocated for one year, and the loan terms will vary from one to five years. The program will cover all regions of the country, with 60% of the funds directed to the regions and 40% to Bishkek and Osh,” he added.
Umetaliev also emphasized that one of the important changes in the program is the increase in the maximum loan amount. Previously, entrepreneurs could receive financing within the range of 10-15 million soms, but now the limit has been raised to 50 million soms, provided there is justification and a need for additional funds.
In addition, loans will be available through both state and private commercial banks. Additional clarifications will be provided to entrepreneurs.
