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The state has promised entrepreneurs to distribute soft loans in the amount of 14 billion soms to help them recover from the consequences of the coronavirus pandemic. The business received such support with enthusiasm, but in fact, a third (4.2 billion soms) of the announced amount has already been spent, and most of the affected entrepreneurs have not received help. Moreover, until recently, the business community did not know where and under what conditions to obtain such loans.
The financial publication Economist.kg studied what is happening with the state program for issuing concessional loans to businesses and found out why entrepreneurs were left without an information campaign on concessional lending and without financial support from the state.
Concessional loans. To whom, when, how much
In early May, Deputy Prime Minister Erkin Asrandiev made a loud statement that Kyrgyzstan is creating an Anti-Crisis Fund in the amount of 14 billion soms for concessional lending to entrepreneurs affected by the pandemic.
In the following months, officials of various ranks repeatedly announced their intentions to start issuing soft loans to businesses, but this did not happen. The delay was explained by the need to prepare a mechanism for working with banks.
The Ministry of Finance announced publicly the launch of a concessional lending program for businesses called “Financing of Entrepreneurship Entities” at the end of June. Then the first tranches to banks for issuing loans to entrepreneurs were given from the funds of the German Development Bank (KfW), which provided Kyrgyzstan with 1.3 billion soms. At the same time, out of the proposed 1.3 billion soms, banks took only 520 million soms.
Now the Ministry of Finance clarifies that the program for supporting business entities was launched earlier – on June 10. After that, according to the ministry, banks immediately began to issue loans. In total, three tranches were made to commercial banks (for 520 million, 320 million and 220 million soms). In turn, the National Bank, which also finances concessional lending to businesses, announced the holding of credit auctions and the receipt of funds in commercial banks since the end of May.
As of August 6, according to Prime Minister Kubatbek Boronov, ten commercial banks received 4.2 billion soms for the further issuance of soft loans to entrepreneurs. Of these, the Ministry of Finance allocated 2.2 billion soms, the remaining 2 billion – the credit auction line of the National Bank.
The fact that preferential loans have been issued since the beginning of June, the businessmen themselves were practically not informed in any way. Only on August 19, the Ministry of Economy published on the website a list of 10 banks that participate in the “Financing of Entrepreneurship Entities” program. These included: “Aiyl Bank”, “Bakai Bank”, “Bank” Bai-Tushum “,” Bank of Asia “,” Commercial Bank KYRGYZSTAN “,” Kyrgyz Investment and Credit Bank “(KICB),” Optima Bank “, RSK BANK, FinanceCreditBank and Halyk Bank Kyrgyzstan.
The business community has been waiting for information on where and on what terms a loan can be obtained. But it turned out that work is already underway and loans are being issued.
Where’s the money? No more in banks – no business yet
The chairman of the board of the JIA business association, which unites more than a thousand representatives of small and medium-sized businesses in Kyrgyzstan, Zhodar Omoshov notes that no one has yet received a soft loan among the members of their association.
“I have not yet seen a case where someone from my acquaintances or members of our association received a loan. I am also an entrepreneur and I need a loan, we called the banks, but they said that they had not received the money yet, ”said the chairman of the board of the association.
In addition, he believes that such a delay in aid has become fatal for many businessmen.
“Business cannot stand still for 3-4 months, it needs blood – after all, if a person’s blood circulation stops, he dies. Now in many places in the city it is written “for rent” or “for sale” – this indicates that many representatives of the service sector have already gone bankrupt or are on the verge of bankruptcy, ”Omoshov said.
Gulnara Uskenbaeva, President of the Association of Suppliers, also notes that she still does not know about cases when businessmen were able to use the government’s business support program.
“Who are loans issued to? So much time has passed, still nothing is clear. The question remains open, ”the expert commented.
Talant Toktaliev, Chairman of the Board of the Tourism Association of Kyrgyzstan, notes that he also does not know that any of the businessmen in the tourism sector receive loans, and this is one of the most affected sectors of the economy as a result of the pandemic.
In addition, he added that he had already asked the Department of Tourism to draw up a register of tourism companies in the country, which helped in this case to make a mailing list and notify the company about such an opportunity.
“It was not announced that it was possible to get loans, there was no mailing either from the department or from banks. To date, 50-70% of travel companies have closed or mothballed and lost their offices. They were waiting for the opportunity to work, but in the fifth or sixth month they could not bear the financial burden.