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Microcredits are granted to small businesses in two directions:
- for formation of initial (starting) capital;
- for development (expansion) of business and replenishment of current assets.
Microcredits for formation of initial (starting) capital is available to small businesses when they applying for credit within 6 months from the date of their state registration on the interest rate of 3 percent per annum for up to 18 months up to:
50 times the minimum wage - for businesses that do not have status as legal entity;
100 times the minimum wage - for micro-companies and small farmers (with status as legal entity);
200 times the minimum wage - for farms
Microcredits for development (expansion) of business and replenishment of current assets
For micro-companies, dekhqan and farms:
Amount: to 500 times the minimum wage;
Term: up to 24 months
Interest rate: 50 percent of refinancing rate of the Central Bank of the Republic of Uzbekistan.
Microcredits are granted to following types of small business:
private farm, with status of egal entity;
Microcredits are granted as collateral, and on a confidential basis. Main form of providing microcredit is secured by property. As collateral may be any property, including things and property rights (requirements) in accordance with the Law of the Republic of Uzbekistan "On Pledge". Sum of microcredit cannot be more than 80 percent of the value of the mortgaged property. Collateral objects, are vehicles and real estate - should be insured against loss and damage cases due to the borrower.
The followings can be accepted as support for microcredit:
liquid commodities, foreign currency and other currency values, registered as in the form of mortgage;
high liquidity securities;
Guarantees from third parties, issued in favor of the bank.
Only legal entities having an impeccable reputation solvent entity, maybe as guarantor.
Terms of microcredit on confidential basis.
Microcredits can be granted on confidential basis only to borrowers with a satisfactory credit history and the timely payment of three earlier loans.
When granting a loan on confidential basis as security for future payments, compulsory savings deposit in the amount of up to 20 percent of the cost of credit to which the Bank accrues interest payments is placed by borrowers.
Address: 14, Lutfiy str., 100096, Tashkent
Tel.: (+998 71) 273-05-86
Fax: (+998 71) 273-05-86
The followings a required to realize business activities and use of preferential services from MicrocreditBank:
to get state registration as business entity;
to open a bank account at any convenient branch of MicrocreditBank.
Documents to be submitted by borrowers for microcredits are the followings:
application (written request) for microcredit;
business plan with the obligatory indication of forecasted cash flows;
documents related to ensure of microcredit repayment , including accounting data and financial statements , completed in accordance with legislation.
Main requirements to business-plan:
Submitted business plan to be drawn up no more than 60 days before the date of filing application for microcredit;
Before receiving credits, entrepreneurs addressed to MicrocreditBank, are sent to attend at free seminars organized by MicrocreditBank.
It is mandatory to participate in two seminars on basic types and mechanisms granted microcredits and leasing services, as well as on drawing business plan.
Resolution of the Cabinet of Ministries №181 dated of August 23, 2007.
Decision on granting microcredit is accepted by credit committee within 3 working days from the date of receipt by the bank credit application with all necessary documents.
In the case if business entity provides improperly executed documents or in presence false or distorted information of whereof, bank may, within the defined period to return the documents for completion, explaining in written form list of its defined comments.
The order of provision of microcredit:
The person interested in receiving microcredit refers to MicrocreditBank or its any branch.
Participation in two basic seminars to be held on types and mechanisms of microcredits, and also on drawing up business plan is obligatory. In these seminars, the potential borrower can know on everything that interesting for him.
If the potential borrower accepts microcredit conditions, he submits an application to bank about request of microcredit, specifying the purpose, full information on provision, and also attaches the business plan.
Applicant will be informed on decision of Credit committee on granting (or not granting) credit in writing within 3 working days.
The potential borrower who has received the positive decision of Credit committee makes the mortgage indicated in the decision of credit committee (register in notary mortgage property).
The bank calculates, in equal installments, the sum of the future payments of main debt and percentage proceeding from the sum of the credit and interest rate whole period of the credit.
According to the calculations specified in the business plan the businessman can receive a grace period upto 6 months, while only the interest on credit is to be paid and then a main debt in equal amounts.
As regarding to the borrower who isn't fulfilling the obligations to bank, the bank has the following right proceeding from conditions of the credit agreement:
To send him reclamation letter with a warning about sanctions, in case if borrower will not implement bank recommendations in agreed time frames;
In case of untimely payment of the main sum and interests on credit, and also in absence of prospects of repayment of the credit in time agreed by credit agreement to collect the rest of debt on the credit ahead of schedule, including at the expense of the mortgaged and other property.
Obtaining of microcredit.
Microcredits are not issued to:
repayment of previously obtained credits or any other debts;
organization of tobacco growing and production of alcoholic beverages;
organization of lotteries, pari-mutuels and other games based on risk.
Appeal to respective authorities.