Uzbekistan implements a comprehensive program “Continuous support for small businesses”

Tashkent, Uzbekistan (UzDaily.com) -- The Presidential Resolution “On measures of financial and institutional support for the development of small businesses” was adopted.

According to the Resolution, from 1 October 2023, a comprehensive program “Continuous support for small businesses” will be implemented.

The following will have the right to participate in the Program by sending an online application to the limited liability company “Small Business Assistance Center”:

- individual entrepreneurs, dekhkan farms, self-employed persons, artisans, homeworkers, non-profit organizations that have been operating for at least 1 year and small businesses that provide permanent work for three or more people;

- persons who have successfully implemented their business projects within the framework of family entrepreneurship programs and have a positive credit history.

From 1 October 2023, small businesses participating in the program, including:

- loans in the amount of up to 1.5 billion soums are allocated for establishing or expanding activities for a period of up to 7 years, including a grace period of up to 2 years, on a revolving basis - for working capital for a period of up to 3 years with an annual rate exceeding the main rate of the Central Bank by 4 percentage points, and (or) providing leasing for the purchase of fixed assets.

At the same time, it is possible to issue loans in the amount of up to 100 million soums without collateral, loans in the amount of up to 150 million soums - with a reduction in the collateral requirement to 50 percent;

- fixed assets worth up to 1.5 billion soums are transferred on loan with the condition of payment in installments for a period of up to 7 years;

- within the framework of state scientific programs, up to 2 billion soums of grant funds will be allocated for projects for the commercialization of innovative developments, as well as high-tech startup projects.

From 1 January 2024, loans under family business development programs are provided for a period of up to 3 years, including a grace period of 6 months, with an annual rate exceeding the main rate of the Central Bank by 4 percentage points.

By resolution, the Department of Analysis, Support for the Development of Small and Medium Businesses and Coordination of State Policy in the Field was created within the Ministry of Economy and Finance.