The document reflects stimulating and liberalizing measures, carried out in the economy of Uzbekistan.

The regulator said that small businesses are important part of the economy of Uzbekistan. Some 26,000 new small businesses were opened in the country in 2013 and their number exceeds 190,000.

The share of small businesses in GDP of Uzbekistan hit 55.8% in 2013 against 31% in 2000. About 23 of industrial products are manufactured by small businesses and almost all market services produced by the sector. Their share in exports makes up 18% and employ 75% of population, working in economy.

The commercial banks of Uzbekistan issued almost 7 trillion of loans to the sector in 2013, which rose by 1.3 times year-on-year. The microloans’ volume reached 1.3 trillion soums.

In order to stimulate development of entrepreunership in Uzbekistan, the Central Bank of Uzbekistan in cooperation with International Financial Corporation developed a programme of measures on improving business environment and providing more freedom to businesses. New regulation meets all goals and tasks of the programme. The regulation provides additional stimulus and preferences to businesses.

The objects of crediting in new regulation are microfirms, small enterprises, dehkans and farms, as well as family entrepreneurship and individual entrepreneurs.

The regulation changed order of issue and repayment of loans. The loans for turnover funds will be issued for 18 months, earlier the term was 12 months. The repayment of loans for turnover funds, issued to agriculture enterprises, was extended up to 24 months. Earlier, the loan was issued up to 2 years.

The regulation said that commercial banks can set preferential period of crediting. Earlier, the preferential term issued only to investment loans.

The size of the interest rate for credit is set based on the loan agreement. The document said that the debtor can repay loan in advance, paying only interest rates for past period of loan.

The procedure of crediting was simplified, but the list of documents, submitted to obtain, loan was not changed. The debtor should submit application to the bank and business plan with showing forecast on its future revenues. The balance sheet for last year, certificate on debts of the enterprise, acts on debts for over 90 days, as well as report on financial results should be submitted as well.

The debtor should also provide pledge to the bank – property or securities, guarantee of the bank or insurance company, guarantee of the third sides, insurance policy.

Newly created enterprises are exempted from additional financial reports. If the loan is not used, the bank has right to demand repayment of loan and interest rates, as well as fine, indicated in the agreement. Earlier, the bank can demand repayment of loan if it was misused.

The credit committee should consider loan applications within three day. The application is registered in registrar and the bank issues certificate that the application was received for consideration. The electronic applications will receive electronic responses.