YEREVAN, February 5. /ARKA/. SME Investments universal credit organization will extend loans to small and medium business worth a total of 3 billion drams in 2013, executive director of the organization Artur Badalyan told journalists Tuesday.
Loans are provided in national currency to reduce foreign exchange risks for producers. The loan terms are 5-year repayment period, 2-year grace period and an average annual rate of 11%.
In 2012, loans provided by SME Investments amounted to about 3.6bln drams with the amount of one loan ranging between one and fifteen million drams.
The organization provides funds for programs involving new jobs, expansion of production capacities, setting-up of export-oriented production, introduction of innovative technologies, and use of local resources.
In general, SME Investments provided 100 loans worth a total of 6.5bln drams over 3.5 years. Consequently, the organization managed to increase number of jobs in small and medium enterprises by 250. After the funded projects are fully completed, another 200 new jobs will open.
SME Investments was founded in June 2009. Initially it was funding business projects approved by the premier-headed economic development programs office. Later it started involving small and medium businesses that need financing into the program on its own. ($1=406.54drams).–0–
