According to data from the Ministry of Economy, there are currently over 20,000 small and medium-sized enterprises operating in the republic, as well as about 496,000 individual entrepreneurs, which accounts for 51.7% of the gross domestic product (GDP).
An initiative aimed at supporting small and medium-sized businesses has been launched in the country, offering preferential loans with an interest rate of 6%. These loans can be secured with guarantees from the "Guarantee Fund".
As Nasirov noted, an important aspect is also the issue of "overdue" loans. The Ministry of Economy explained that debts on loans can negatively affect the credit history of entrepreneurs, especially considering that many of them operate in seasonal sectors.
According to general rules, if a loan is overdue by 60 days, this may serve as a basis for denying new loans. However, under the new program, entrepreneurs with such overdue loans will be able to obtain a preferential loan.
The Ministry added that funds received under the program can be used for various business needs, including repaying existing debts.
