“One of the problems is that sometimes loans are used for personal purposes, which leads to an increase in the number of problem loans,” he said. “Therefore, we will carry out the appropriate monitoring jointly with authorized credit organizations. This will in no way become an obstacle for entrepreneurs.”
He noted that the state service is also working to reduce the list of documents required in the process of issuing a loan.
“In this regard, we are consulting with international organizations,” he said. “Earlier, individual authorized banks could request up to 15-20 documents from entrepreneurs. Presently, on average, up to 4-5 documents are required.”
Until the end of the year, the state service plans to allocate up to 10 million manats of soft loans to entrepreneurs engaged in production and processing of agricultural products, he noted.
The issuance of loans through authorized credit organizations starts from today, he said.
The minimum amount of loan is 1,000 manats, and the maximum is 200,000 manats, he noted, adding that the maximum interest rate on loans is seven percent.
“To this end, we signed protocols of intent with a number of Azerbaijani banks, the branches of which are located almost in all districts of the country,” he said.
The protocols were signed by representatives of the International Bank of Azerbaijan, PASHA Bank, Kapital Bank, TuranBank, Rabitabank, Aqrarkredit CJSC, Finoko OJSC and Finance Invest OJSC.
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