60 MLN USD SENT TO LENDING TO SMALL AND MEDIUM BUSINESS IN ARMENIA IN 2009

ARKA
May 31, 2010
YEREVAN

Some 60 million USD was spent on lending to small and medium business
in Armenia in 2009, both within the specific credit programs of
commercial banks in Armenia, and through the National Center for
Support of small and medium businesses,” said Minister of Economy
Nerses Yeritsyan.

“The main focus of providing state means was placed on SMEs, the
production of which is aimed at increasing the country’s export
potential,” said Yeritsyan on Saturday during the parliamentary
hearings on the implementation of the state budget for 2009.

He noted that for the purpose of the diversification of SME, the
government has developed a legislative initiative, under which SMEs
will be companies that have 250 jobs instead of the current 100.

“In 2009, 57 credit guarantees were granted, subsidized interest rates
for the three business entities were implemented partially, as well
as a subsidy program of capital for the two companies,” said Yeritsyan.

In addition, hundreds of enterprises received state support, 65
start-ups received state means of up to 2 million drams, and about
10 companies with the assistance of governments have developed their
business programs.

“Only through lending by the National centre to assist the SMEs in
2009, it was managed to create 600 new jobs, without the cooperation
of the processing enterprises,” Yeritsyan said.

From: A. Papazian