By Ayya Lmahamad
Entrepreneurs working in the areas affected by the pandemic continue to apply for government loans through an electronic credit platform under the Ministry of Economy, the ministry has reported.
The e-credit platform helps to obtain government guaranteed loans in a simple and transparent way.
So far, the decision was taken to allocate loans in the amount of AZN 52.6 million ($30.9M) for 253 applications. Other applications are also being considered and entrepreneurs will be informed about the results through the electronic platform.
Issuance of new business loans through the Electronic Credit Platform allows entrepreneurs to apply for business loans online, simultaneously check and monitor the status of applications from authorized credit organizations. In addition, it is possible to simultaneously apply to three credit institutions.
With the use of platform, entrepreneurs get access to credit by saving time and money.
It should be noted that under the mechanism of state guarantees on business loans and subsidizing interest rates on these loans up to 60 percent of the new business loan portfolio of AZN 500 million ($294.1M) guaranteed by the state, as well as 50 percent of the annual interest rate on these loans.
Electronic Credit Platform was developed on April 4, 2020 in accordance with the order of the Azerbaijani President and the relevant decision of the Cabinet of Ministers, on a number of measures to reduce negative impact of coronavirus pandemic on business entities.
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