YEREVAN, August 13. /ARKA/. VTB (Armenia) small business clients now have access to the “Express” loan, which allows them to obtain up to 20 million Armenian drams for business development.
The product is designed to address current and investment needs of businesses and features fast application processing, according to the bank’s press service.
The “Express” loan is provided with or without collateral for terms of 1 to 60 months. Financing amounts range from 500,000 to 20 million Armenian drams. The interest rate ranges from 10% to 16% per annum (effective interest rate: 12.7% – 20.92%).
The loan funds are intended for a variety of business needs, including replenishing fixed and working capital assets and repaying existing loans.
“We see a strong demand from entrepreneurs for fast and accessible financing that allows them to quickly address current challenges and implement business development plans. The positive growth of the Express loan portfolio reflects the demand for this approach and confirms the importance of prompt access to financing for small businesses. For the Bank, this serves as a benchmark for the further development of our product line—we strive to create solutions that address the real needs of entrepreneurs and help them confidently grow their businesses,” commented Evgeny Motovilov, Deputy CEO and Chairman of the Management Board of VTB (Armenia).
According to the bank’s statistics, 80% of borrowers under this loan product are retail and wholesale companies, while 20% are from manufacturing companies. Large companies with extensive experience in the market typically prefer loans with collateral and longer financing terms.
Detailed loan information is available on the official VTB (Armenia) website or at any bank branch. The activities of VTB Bank (Armenia) CJSC are regulated by the Central Bank of the Republic of Armenia.-0-
