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Development Fund to allocate $ 10 million for loans for small businesses

The Russian-Kyrgyz Development Fund will allocate $ 10 million for a microfinance program for small businesses in Kyrgyzstan, the information department of the government reported.

According to it, the government launched the program «Microfinance of small businesses». The Fund will allocate funds for its implementation.

Credits to small business entities will be issued by financial and credit organizations selected by the Russian-Kyrgyz Development Fund.

Loans can be obtained for entrepreneurial activities in the agro-industrial complex, sewing, textile and manufacturing industries.

In addition, enterprises operating in the regions, predominantly in rural areas, and engaged in deep processing of domestic raw materials and materials, as well as regional trade and logistics companies for harvesting, marketing, promotion and sale of domestic products, especially agricultural products, will be able to get loans.

The tourism sector and all sectors of the economy that ensure the production of environmentally friendly products, the introduction of modern technologies and the production of high-tech products can count on loans.

Entrepreneurs will be able to receive loans in national currency for an amount not exceeding 500,000 soms for a period of 24 months with a grace period of six months. The maximum interest rate is not more than 14 percent.