YEREVAN, May 18. /ARKA/. Since the beginning of this year, SME Investment Universal Credit Organization has provided loans totaling AMD 1 billion to 20 small and medium organizations in Armenia, Arthur Badalyan, the executive director of the organization, told journalists on Wednesday.

The organization’s assets totaled around AMD 12.5 billion in late 2016 and their capital amounted to AMD 1.8 billion.

“About 90% of them are successful borrowers who have built up their output and created new jobs,” Badalyan said specifying that some 850 new jobs have been created thanks to this lending over seven years.

In his words, the company has also used leasing instruments in providing loans to farmers and community economies.

“This program is being continued also this year,” he said. “We provide loans for up to seven years at 12 percent average interest rate. Now negotiations are under way to attract new resources, and this will allow us to make loans more affordable.”

Badalyan added that the organization was subsidizing 3% of the loans extended o exporter enterprises throughout the last four years and border areas’ enterprises enjoyed seven-percent subsidies.

SME Investment Universal Credit Organization was established in 2009 by the Armenian government. In 2016, the organization earned AMD 26 million in profits. ($1 – AMD 484.02). ---0---