SME Investments uco distributed AMD 6.5 bln in 100 loans in Armenia over 3.5 years

05.02.2013 15:14
SME Investments uco distributed AMD 6.5 bln in 100 loans in Armenia over 3.5 years

YEREVAN, February 5. /ARKA/. SME Investments universal credit organization injected 6.5 billion drams in 100 loans to support small and medium-sized enterprises in Armenia over 3.5 years, executive director Artur Badalyan told reporters on Tuesday in Yerevan.

In 2012 the organization allocated 3.6 billion drams in credits, he said.

“The remainder of the loan portfolio hit nearly 5 billion drams as of December 31,2012. Industry accounted for 83.2% of loans, agriculture—10.1%, and other spheres accounted for the rest,” Badalyan clarified.

He said the loans are available in the local currency, the maturity period is up to five years. An average interest rate is 11%, the credit amount varies from one to 15 million drams.

Badalyan also highlighted SME Investments organization finances the programs targeted at creation of new jobs, production expansion, export-oriented production development, innovation technology roll-out, and those oriented to using domestic raw materials and resources.

The loan preference is given to the business programs to be implemented in the regions of the country, Badalyan noted.

Nearly 51% of the organization’s loan portfolio is distributed in the regions, according to him.
“As a result of our lending we managed not only to maintain but also increase vacancies by 250 on small and medium-sized enterprises. The job openings rose by 200 as the programs financed by our organizations are completed,” he said.

SME Investments UCO was established in 2009. Initially, the organization financed business programs approved by the Staff supporting Armenia’s economy development programs coordinated by Prime Minister. Afterwards, the organization was authorized to select the programs for financing independently. ($1 – 406.54 drams).—0-

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