Kazkommertsbank To Receive Big Loan For SME Support
Kazakh state-owned Damu Entrepreneurship Development Fund will provide a credit line to Kazakh Kazkommertsbank in the amount of 1 billion tenge (317.26 tenge = $1), the fund said Feb. 22.
The credit line will be directed to ‘Almaty Innovation’ program, which envisages financing of small and medium-sized businesses in the city of Almaty.
As much as 500 million tenge of the credit line are Fund Damu’s own resources and other 500 million tenge are money of Almaty city administration.
Damu has already issued the first tranche in the amount of 500 million tenge to Kazkommertsbank. The bank, in turn, should start financing of SME as a part of ‘Almaty innovation’ program within 6 months.
Loans within ‘Almaty innovation’ program will be issued for a period of up to 84 months for purchase of new and modernization of fixed assets, as well as for replenishment of working capital.
The interest rate for entrepreneurs is 8.5 percent per annum. The maximum loan amount per borrower is 100 million tenge.