Subsidiary Bank Sberbank of Russia together with Kazakhstan Stability Fund begins implementing preferential lending program for entrepreneurs

01.04.20, 09:35
/KASE, April 1, 2020/ – Subsidiary Bank Sberbank of Russia (Almaty), whose bonds are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following press release of March 31, 2020: quote The introduction of an emergency situation in the Republic of Kazakhstan related to the spread of coronavirus infection (COVID 19) has greatly affected the financial situation of entrepreneurs and business owners. Interruption in the supply of goods and raw materials, decrease in demand for manufactured and sold products, and reduction in cash flow are only part of the difficulties with which business owners have to deal today. Sberbank Kazakhstan clearly understanding the need to support business and, accordingly, the country's economy as a whole in the current difficult situation, acceded to the Program for concessional lending to small and medium-sized enterprises, as well as individual entrepreneurs, which was developed on behalf of the President by the National Bank in conjunction with the Financial Market Regulation and Development Agency. The program operator is Kazakhstan Sustainability Fund JSC attached to the National Bank of the Republic of Kazakhstan with which the program will be implemented. Entrepreneurs will be able to issue both new loans and receive additional financing under existing credit facilities in the framework of the program.. Financing will be provided at a preferential rate of 8% per annum for up to 12 months for working capital financing. The established limit for individual entrepreneurs is up to 50 million tenge, for small and medium-sized enterprises - up to 3 billion tenge. At the same time, this program does not provide for any industry restrictions. In total, 600 billion tenge will be allocated for the implementation of this program. Sberbank Kazakhstan has been actively supporting the SME sector for many years by taking leading positions in state programs, and hopes that the launch of the new program will enable entrepreneurs to cope with difficult period for business and the country. Ask your questions by numbers: +7 (727) 250-30-20 or from mobile 5030 E-mail: post@sberbank.kz unquote [2020-04-01]