As part of the joint order of the National Bank of Kazakhstan and the Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market, the limit of VTB Bank (Kazakhstan) for financing a business affected by the COVID-19 pandemic was increased by KZT 8 billion. Earlier, within the framework of the Program of concessional lending to business entities, VTB has already spent about KZT 11 billion of the allocated limit, directing financial means to such sectors of the economy as wholesale trade, production and sale of constructionmaterials, warehousing and storage of non-food products, retail trade in cars and others.
- Since the introduction of the first quarantine restrictions due to the pandemic, we have satisfied 90% of applications for a deferral from business clients, as well as actively provided loans within the framework of state programs to support entrepreneurship on preferential terms, – said Igor Li, the Director of the Department for work with corporate clients, the Member of the Management Board of VTB Bank (Kazakhstan). – We see that concessional lending is a real measure that helps SMEs stay afloat in the context of current situation and adapt their business to existing realities.
As part of the Program of concessional lending to business entities, business representatives will be able to get a loan at a minimum interest rate of up to 8% per annum, without bank fees. Representatives of SMEs who have confirmed the deterioration of their financial condition as a result of the introduction of quarantine restrictions are allowed to participate in the program. The limit for one borrower from among large business entities is up to KZT 6 billion, for small and medium-sized businesses – up to KZT 3 billion, and for individual entrepreneurs – up to KZT 50 million. Intended use of the loan is the replenishment of operating assets.
Information:
Subsidiary JSC VTB Bank (Kazakhstan) is a member of the VTB international financial group. To date, bank has a branch network, consisting of 17 affiliates, located in all regions of the country. The Central Office of VTB Bank (Kazakhstan) is located in Almaty. The license of the Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market No.1.2.14/39 dated February 3, 2020.