VTB Bank (Kazakhstan) has extended the grace period for SMEs loans


VTB Bank (Kazakhstan) has made the decision to extend the terms of restructuring loans to entrepreneurs and small and medium-sized businesses, whose financial condition has deteriorated as a result of the coronavirus pandemic. The possibility of granting a grace period until October 1, 2020 and revising the debt repayment schedule will be considered on an individual basis based on the clients’ statements and documents confirming that the specified business is attributed to activities that are restricted or prohibited during the quarantine period.

Applications for restructuring from SME clients are accepted by the following e-mail: SMB_VTB@vtb-bank.kz. During the specified period, VTB Bank (Kazakhstan) will not charge fines and penalties for late payments arising from borrowers as a result of restrictions related to the quarantine measures in Kazakhstan in respect of corporate clients.

- During the period from March to August 2020, 307 entrepreneurs-clients of the bank received support in the form of refinancing and/or deferred payments. In addition, the bank disbursed KZT 9 billion ahead of schedule allocated by the Kazakhstan Sustainability Fund JSC for concessional lending to entrepreneurs affected by the COVID-19 pandemic. We also actively provide clients with preferential business lending under other government programs. All of this, undoubtedly, is a significant support for SMEs during this period, - said Dmitry Zabello, the Chairman of the Board of VTB Bank (Kazakhstan). - Unfortunately, during this time, the coronavirus pandemic has not ceased and our clients continue to face difficulties due to the introduction of quarantine restrictions. Therefore, we decided to extend the grace period terms on SMEs loans till October 1st of this year.

The bank's staff expresses hope for a prompt recovery of the situation and wishes all clients good health.