Microloans from NCE: favorable conditions and support to the projects

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Chairman of the Board of NCE RK explained the terms of the new program for support of small business

The National Chamber of Entrepreneurs of Kazakhstan "Atameken" starts the program of micro-lending for small business. Funding of the program on return basis in the amount of 1 billion 200 million tenge will be implemented through the involvement of the private capital of the Group of companies "ALMEX". Today chairman of NCE RK Ablay Myrzakhmetov and Chairman of the Board of "Almex" Mazhit Yessenbayev signed a memorandum on mutual cooperation and clarified the conditions of micro-lending.

"Since last year, through the centers of business support, we provided free services of support business. Now we add this financial support in the form of micro-lending. The group of companies "ALMEX"- is the first to respond to our idea and we really appreciate it", - said Myrzakhmetov, speaking at a press conference after signing the memorandum.

Within the program will be allocated 300 million tenge for 4 pilot of the regions plus the co-financing from the local government offices in the same volume. Microloans are issued by 6-7% for 3 years. "Four regions showed the greatest interest - Aktobe, Kyzylorda, Mangystau and Almaty, which the preparatory work is ongoing. Just recently we received an offer from the leadership of Zhambyl region", - said Myrzakhmetov.

According to the head of the Board of NCE, factually there will be provided only moral pledge for loans. "A person should also understand that this is not manna from heaven that he took for free, spend, then came and said:" I spent the money on wedding or other purposes". That is, we are ready to accept as a collateral a house, the cost of which, for example, is 100 thousand tenge, and the person gets 3 million tenge. This is a purely moral pledge: he should know he puts as a pledge a house, and is responsible for it. There are no requirements that the value of the collateral should cover the loan", - he said.

Myrzakhmetov stressed that the most important thing for a microloan - is a clearly calculated business plan. "Moreover, we have developed 100 types of projects, which are suitable for rural areas. They're available at business support centers", - he added.

There is the guarantee element, which is required at the Regional Council, which will approve the participants of the program. "They all come from some districts. The main thing is escort of projects. That is, we will provide support until the day of the return of a loan. This is the essence, a villager won’t be left on his own. This is a pledge of repayment. Because we monitor everything: where he pays, what yield does he have. We talked with the Regional Councils, there are big businesses there. They understand their responsibility. In Mangistau, for example, local entrepreneurs in the case of non-repayment of a micro-loan are ready to repay it in the case of non-repayment due to objective reasons, weather conditions, for example. We will evaluate it all ", - said the head of the Board of NCE.

In addition, according to Myrzakhmetov, this year the agrarian centers of competence will open in each area. "We will bring professionals who will just help: how to build a greenhouse, what equipment to use, and so on", - he said.

"We have no restrictions on credit history. Those who have a business and want to expand it, and those who want to start it from scratch can receive funding ", - added the head of the Board of NCE RK.

Chairman of the Board "ALMEX" Mazhit Yessenbayev, in turn, stated that micro-credit organizations, which were created at the request of the Head of State, experience serious problems with tenge liquidity. "And the interest that they have set, in my opinion, are absolutely inapplicable for small and medium-sized businesses - it is somewhere 45-50%. In this respect, there is a very good organization, which operates now "Damu micro", which allocates loans at 14%. We do not want to compete with them. On the contrary, we try to help to increase the amount of micro-credit opportunities for those who want ", - he said.

On the question of whether "ALMEX" is not afraid to take on such risks, the chairman of the board said: "The risks are always there. But we go at it consciously, because we believe that: in the end we will get better businessmen, which will continue to generate favorable financial and investment environment. It is worth the risk.