Unibank and Armenia’s Export Insurance Agency to provide affordable loans to small and medium-sized exporters

21.02.2018 12:32
Unibank and Armenia’s Export Insurance Agency to provide affordable loans to small and medium-sized exporters

YEREVAN, February 21. /ARKA/. Unibank and Armenia’s Export Insurance Agency have signed a cooperation agreement today to provide affordable loans to small and medium-sized exporters, starting from 8% annual interest rate. The Yerevan-based bank said in a press release that the terms of the loan are consonant with its policy to reduce loan rates.

According to the press release, the new lending program is designed to help increase the output of resident economic entities in Armenia, stimulate exports and introduce joint financial services for winning new markets.

‘The availability of loans to SMEs continues to be one of the topical issues. Unibank aims not only to improve lending terms, but also to simplify the loan application process. The terms of this particular loan are available to a larger number of exporting entrepreneurs, while the minimum package of required documents speeds up and simplifies the process of loan issuing. This approach allows the bank to become the most profitable partner for SMEs,’ the press release said.

The agreement was signed by the Unibank Board Chairman Mesrop Hakobyan and the Executive Director of Export Insurance Agency Armen Shahnazaryan.

"I am absolutely sure that this product will be in demand among our clients. The bank is currently developing programs that will help them to use the capabilities of this tool as quickly and conveniently as possible," Hakobyan said.

He noted also that the problem of collateral is being solved. In particular, 90% of the risk will be covered by insurance.

In his turn, Shahnazaryan said that cooperation between the insurance agency and Unibank in this sphere will bring tangible results.

"The agency will be working with the bank mainly on two instruments - export insurance and securing pre-export financing," Shahnazaryan said.

Given the peculiarities of the market and business, Unibank offers its clients an individual and flexible repayment schedule, as well as early repayment without restrictions.

‘Due to the expansion of SME lending programs, Unibank contributes to the entrepreneurship development and creation of new jobs. The types of loans offered by the bank are aimed at meeting the demand for financial resources at the most convenient terms and the most comfortable organization of the process,’ the bank said.

In 2017, Unibank demonstrated high growth rates in all major areas of activity, increasing its assets to 200 billion. The record high indicator was achieved by means of active increase in lending to the population and real sector enterprises as well as by improving the efficiency and diversifying portfolios.
Thus, the lending portfolio of Unibank in 2017 increased by 13% from the previous year to 127 billion drams. In 2017, Unibank continued to actively develop SME lending. Its business lending portfolio increased by 10% to 60 billion drams.

Unibank was founded in 2001. In 2002, it introduced the Unistream system. The main shareholder of the bank is UNIHOLDING GG LIMITED. In 2015 the bank was reorganized into an open joint-stock company. -0-

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