Small Georgian businesses to benefit from renewed credit guarantee programme
Now the goal is to make this programme adjustable to the government's coronavirus anti-crisis economic plan. Photo: Nino Alavidze/Agenda.ge.
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The Georgian Ministry of Economy is working on renewing a credit guarantee programme that came into force in April 2019 and aims to support small and medium sized businesses which operate in sectors where loan issuance is restricted, or do not have enough property to secure a loan.
Now the goal is to make this programme adjustable to the government's coronavirus anti-crisis economic plan.
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Georgian Economy Minister Natia Turnava held an online meeting today with the heads of banks operating in Georgia and told them that 300 million GEL (about $93.31m/€84.95m) will be allocated to implement the credit guarantee programme to help the businesses faster get out of the crisis caused by the coronavirus pandemic.
Georgian Economy Minister Natia Turnava held an online meeting today with the heads of banks operating in Georgia. Photo: Ministry of Economy.
Access to finance is a big problem today. Especially small and medium-sized businesses find it difficult to make a turnover. Consequently, employees in such companies are at risk. The goal of any of our programmes is ultimately to keep jobs for employees. The renewed credit guarantee programme will meet all of these challenges: small and medium-sized companies will have the opportunity to restructure bank loans, as well as attract capital to finance their needs, including employee remuneration", said Turnava.
She said that "we are ready" to submit an act to the government "these days", according to which the renewed credit-guarantee programme will come into force and will be reflected in the anti-crisis budget.
Small and medium sized businesses in Georgia will have better access to finances thanks to a new credit guarantee programme that is coming into force today.
Small and medium sized businesses in Georgia will have better access to finances thanks to a new credit guarantee programme that will be launch in the first quarter of 2019, Georgian Prime Minister Mamuka Bakhtadze announced today.
Georgia’s Ministry of Economy, the Ministry of Finance, Parliament, the National Bank, the Partnership Fund, the local banking sector and a Turkish delegation are teaming up to develop new initiatives for promoting small and medium-size business and make access to finances easier for them.
The International Monetary Fund (IMF) will team up with Georgia’s Ministry of Economy to create a credit guarantee fund for Georgia. The meeting was held yesterday during the Georgian governmental delegation’s visit to the US.
Georgian Economy Minister Natia Turnava held a presentation today on how the government is planning to help local businesses and especially small and medium-sized businesses reopen and overcome economic difficulties caused by the coronavirus pandemic.
The government of Georgia is announcing amendments to the state programme of 'Produce in Georgia' and a credit guarantee programme to further help local companies start new businesses or develop already existing ones.
Georgian Economy Minister Natia Turnava has summed up the activities of the Ministry of Economy in 2020 today. Turnava informed the public about the ministry's participation in the process of managing strict and point-based restrictions due to the coronavirus pandemic and said that a number of electronic platforms have been set up for this purpose.