The MCGF has provided guaranteed business loans more than AZN 248 m. so far

The Mortgage and Credit Guarantee Fund of the Republic of Azerbaijan (MCGF) takes appropriate measures on supporting business climate, as well as developing of entrepreneurship, especially small and medium entrepreneurship in Azerbaijan.

The amount of guaranteed loans was AZN 722 000, and the average term was 32 months in the current year. Overall, the amount of loans provided to entrepreneurs with Fund’s guarantee was more than AZN 248 million. These loans will create more than 3300 new jobs through the financing of business projects.

The guaranteed loans were provided mainly to the food industry, agriculture, trade services, machinery and equipment, as well as the production and processing of other industrial products.

In 2019-2021, the Fund has provided subsidies for entrepreneurs amounting AZN 21 m. for the interest rates calculated on business loans.  The interest rate on loans to be repaid by borrowers at the expense of subsidies given with the support of the state has been decreased to 6.5%. The Fund will provide subsidies for the interest rates on business loans in 2022 as well.