Uzbekistan has established a Guarantee Fund for small business development. The President of the Republic of Uzbekistan signed the corresponding decree on February 10.
The State Committee of the Republic of Uzbekistan for privatization, demonopolization and development of competition acts as the main founder of the fund, while the Association of Banks of Uzbekistan, Chamber of Commerce, as well as a number of large banks and insurance companies act as its shareholders.
The fund is established in order to further improve the business climate and accelerate the development of entrepreneurship.
Lack of collateral is one of the main obstacles in obtaining bank credit by small businesses. Meantime, it is the most common reason for refusing a credit.
The Guarantee Fund is intended to provide security to banks for loans granted to small businesses, to the extent not covered by the pledge of up to 50% of the loan amount, but not more than $100 thousand.
The Guarantee Fund also provides advice to small businesses, assists them in creating high-tech and innovative industries. (UzReport/Business World Magazine)
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