Under a new presidential decree, the Entrepreneurship Development Company is set to bolster support for entrepreneurs by offering assistance based on performance benchmarks. The company aims to extend guaranteed aid ranging from UZS 500mn ($40,680) to UZS 5bn ($406,802) for loans, leasing, bank guarantees, and letters of credit, catering to small and medium-sized entrepreneurs in both national and foreign currencies.
Through this initiative, entrepreneurs can access portfolio guarantees through banks without direct contact with the company, saving them up to 5 working days. Additionally, the scope of activities is intended to widen, offering guarantees for supplementary loans to entrepreneurs with a robust credit history, typically provided for one loan per entrepreneur.
As of now, these guarantees are exclusively available to small entrepreneurs seeking loans in the national currency, capped at UZS 2.5bn ($203,782). Over the period spanning 2018-2023, the company facilitated guarantees totaling UZS 10.5 trillion ($855.8mn) for loans amounting to UZS 27 trillion ($2.2bn), benefitting 14,000 entrepreneurs.
As previously announced, the Entrepreneurship Development Company, with an authorized capital of UZS 300bn ($24.4mn), is currently in the establishment phase.
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