According to the Ministry of Economy, there are over 20,000 small and medium-sized enterprises in the country, as well as about 496,000 individual entrepreneurs, which accounts for 51.7% of the gross domestic product (GDP).
As part of the support for small and medium-sized enterprises, a new program has been launched that offers preferential loans at an annual interest rate of 6%.
Nasirov noted that the department has developed a draft law that will reduce the storage period of credit histories in financial institutions and banks from 5 years to 2 years.
He also emphasized that small and medium-sized enterprises make up 80% of all borrowers. The Ministry of Economy believes that the proposed measures will help ease business access to credit resources.
