The February 10 Presidential Resolution established the Small Business Development Guarantee Fund, a joint-stock company with offices across the regions.
The document aims at supporting small business by opening access to commercial banks’ credits. The funds will help procure equipment, expand product range, and promote small businesses’ role in the socio-economic development.
The fund’s authorized capital will initially constitute 100 billion soums, with a shareholding of 22 organisations: Uzbekistan Banking Association, the Competition committee, the Chamber of Commerce and Industry, 16 banks and 3 insurers.
Under the resolution, the fund chairman shall be elected at a general meeting and approved by the Cabinet of Ministers.
The fund is exempt from all taxes, so as to reinvest accruing profits. (UzReport/Business World Magazine)
