The State Committee for Demonopolization and Development of Competition is the major founder of the Fund. The list of other shareholders includes the Association of Banks of Uzbekistan, Chamber of Commerce and Trade, as well as several big banks and insurance companies.
“The Guarantee Fund was established to further improve the business climate and accelerate the development of entrepreneurship. It will operate in the status of a stock company,” reported the press-service of the State Committee for Demonopolization and Development of Competition.
Today, according to the Committee experts, the lack of collateral funds ranks among the major obstacles in obtaining bank credit by small businesses as the most common cause of failure.
The Guarantee Fund is expected to contribute to the solution to this problem. It is called to provide collateral to banks with regard to the unsecured part of loans for small businesses in the amount of up to 50% of the loan, but not more than $100,000.
The Fund will also provide consulting to small businesses on the terms of obtaining bank loans, as well as assist them in the establishment of high-tech and innovative industries.