May 18, 2021
New opportunities for entrepreneurs!
The Resolution of the President dated 04.21.2021 “On additional measures to improve the business support system, further improve the business climate” was adopted. According to this Resolution, starting from May 1, 2021:
- The State Fund for the Support of Entrepreneurship:
- Compensation is provided to cover interest expenses on loans issued to small businesses in national currency with an interest rate not exceeding 1.75 times the Central Bank’s base rate, while maintaining its established rates;
- Citizens registered in the information system “Unified Register of Social Protection” are provided with guarantees for loans from commercial banks up to 75 percent of the loan amount for the implementation of entrepreneurial initiatives, but not exceeding 150 times the size of the base calculated value;
- Compensations and guarantees for bank loans are issued to business entities regardless of the number of loan agreements.
At the same time, the total amount of loans for which compensation is provided should not exceed 10 billion soums, and the total amount of guarantees – 8 billion soums, but not more than 50 percent of the total loan amount;
- The Export Promotion Agency provides commercial banks with financial resources to finance revolving loans to replenish the working capital of exporters when they export goods on the condition of a deferred payment. At the same time, loans from these resources are allocated at the rate of 4 percent per annum (including the bank’s margin – 2 percent) for the period of deferred payments and in the amount of the value of exported products, but in the equivalent of not more than 3 million US dollars.
- The amount of penalties established in the legislation for exporters who have delayed foreign exchange earnings from abroad and importers who have not timely ensured the import into the republic and clearance of goods in the customs regime “release for free circulation”, the performance of work or provision of services.