Changes in the concessional business lending program in Kazakhstanadmin
The National Bank of Kazakhstan has made changes to the program of concessional lending to small and medium-sized businesses. This was done as part of the execution of the order of Qasym-Jomart Toqayev, the head of state of Kazakhstan.
– an additional 200 billion tenge was allocated for lending to large businesses and entrepreneurs in the agro-industrial complex (AIC), affected by the state of emergency;
– the program has been extended until December 31, 2021 inclusive;
– the term for the development of money – until March 31, 2021 inclusive.
To increase the number of applicants for concessional loans, the Ministry of National Economy and Atameken NEC identified the industries most affected by the state of emergency. The list of affected activities in the manufacturing and service sectors was approved by a joint order of the Chairman of the National Bank and the Minister of National Economy dated November 18, 2020.
Large enterprises affected by the introduction of the state of emergency and operating in industries from the approved list can receive soft loans.
The limit for large enterprises is up to 6 billion tenge, for small and medium-sized businesses – up to 3 billion tenge, for individual entrepreneurs – up to 50 million tenge.
Of the additional 200 billion tenge allocated for concessional lending to the agro-industrial complex, a limit of 100 billion tenge has been allocated, of which 70 billion tenge will be allocated through second-tier banks and 30 billion tenge – through Agrarian Credit Corporation JSC.
It should be noted that in connection with the expansion of the coverage of the program participants, its name was changed to the Program of concessional lending to business entities.
Recall that the Program was adopted in March this year to support entrepreneurs. As of November 18 of this year, banks have accepted 2,311 applications in the amount of 567.4 billion tenge. 1,370 small and medium-sized businesses (1,168 SMEs and 202 individual entrepreneurs) received loans in the amount of 455.3 billion tenge, of which 101.6 billion tenge from money received from the repayment of previously issued loans.
The largest share of allocated funds falls on small and medium-sized businesses in trade – 319 billion tenge (70%), construction – 44.9 billion tenge (9.9%), manufacturing – 39.8 billion tenge (8.7%) ).
The full text of the Resolution can be found on the website of the National Bank of Kazakhstan.