Starting from October 1, 2023, Uzbekistan’s authorities will launch the integrated program of continuous support for small businesses. Under this program, the authorities will provide 1.7 billion US dollars to local entrepreneurs in the form of preferential loans within the next three years.
Fergana News says the detailed conditions for implementation of this project are specified in president’s decree, which was published in the database of regulatory legal acts on September 16.
The document reportedly notes that US$493.5 million will allocated by the republican budget and US$1.2 billion will be allocated thanks to assistance provided by international financial institutions.
The commercial bank, Business Development Bank (formerly Qilshloq Qurilish Bank – Rural Construction Bank), will be responsible for the implementation of the program.
Individual entrepreneurs, self-employed, artisans, dehkan farms, small companies with three or more permanent employees, private educational facilities (all listed entities must have at least one year of work experience) as well as legal and physical entities implementing business projects under the family entrepreneurship programs and having a positive credit history can participate in this program.
Uzbekistanis who have passed the selection will receive loans in an amount up to 1.5 billion sum (equivalent to about US$123,500) for up to seven years, with a two-year grace period.
