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  • Providing guarantees to entrepreneurs, including exporters

    Assistance in small and medium-sized enterprises development

    VIDEO “HOW TO OBTAIN THE SERVICES OF OJSC “GUARANTEE FUND”

    OJSC “Guarantee fund” – a financial instrument for development

    OJSC “Guarantee Fund” is aimed at providing access to financing for small and medium-sized enterprises (SMEs) in case of insufficient collateral throughout the Kyrgyz Republic.

    “In 2016, when I was the Prime Minister, I signed the Order on the creation of OJSC Guarantee Fund”. It was a right and timely step. The Fund is demonstrating successful work. Today OJSC “Guarantee Fund” provides support to entrepreneurs, especially those engaged in agro-processing and export production.

    We intend to increase the potential of OJSC “Guarantee Fund” by attracting the National Bank of the Kyrgyz Republic, RKDF, so that OJSC “Guarantee Fund” could provide substantial assistance to regional entrepreneurs.

    Our goal is establishment of production, agro-processing enterprises and employment of population, that will reduce migration.

     From the speech of the President of the Kyrgyz Republic
    Sooronbai Jeenbekov at the meeting with representatives
    of Kyrgyz and foreign Media on March 7, 2018.

    President Sooronbai Jeenbekov discussed Agricultural Producer Support Projects with Russian Kyrgyz Development Fund and OJSC “Guarantee Fund”

    On January 19, the President of the Kyrgyz Republic Sooronbai Jeenbekov had a meeting with the Chairman of the Board of Russian Kyrgyz Development Fund Erkin Asrandiev and the Chairman of the Board of OJSC “Guarantee Fund” Malik Abakirov. During the meeting they discussed issues on providing access to financing for entrepreneurs in regions of the Republic within the Presidential Decree on “the Announcement of 2018 – the Year of Regional Development”.

     During the meeting they discussed issues on providing access to financing for entrepreneurs in regions of the Republic within the Presidential Decree on “the announcement of 2018 – the Year of Regional Development”.

    President Sooronbai Jeenbekov stressed that Russian Kyrgyz Development Fund and OJSC “Guarantee Fund” must provide access to financing for projects directed to support for agricultural producers including export-oriented and finally directed to regional development.

    “Our country tries to enter market of other countries. Entry of Kyrgyzstan into the Eurasian Economic Union has strengthened competition in export of domestic products. Only producers, who work with new technologies, have enough funds and can stay at market, can stand high competition. The government goal is to support and provide “long and cheap” loans for increasing competitiveness of domestic products, implementing innovations, material-technical base update, production extension”, – said Sooronbai Jeenbekov.

    President stressed that in regions he had meetings with entrepreneurs who had good projects, but without collateral they could not obtain loans. These projects remained unrealized.

    “While we have loan resources to support them. Your funds play a significant role in financial sector of economy and are a key factor in GDP growth and export in Kyrgyzstan.”

    However, RKDF when financing projects made imbalance in the coverage of regions. Low cost or lack of collateral make a group of rural people unattractive for traditional banks. It is necessary to revise the financing policy and pay more attention to the development of regions’ welfare,” – the President said.

    President Sooronbai Jeenbekov reminded, that when he was the prime minister, open joint stock company “Guarantee Fund” was created to assist entrepreneurs in obtaining necessary loan amount in case of insufficient collateral.

    He recommended to “Guarantee Fund” considering Decree on “the announcement of 2018 – the Year of Regional Development” to assist regional entrepreneurs in access to financing of their projects including export-oriented productions with other financial institutions of the country.  Joint system work will help to promote entrepreneurship, create new jobs, that will finally reduce internal and external migration.

    The chairman of the Board of Russian Kyrgyz Development Fund Erkin Asrandiev and the chairman of the Board of OJSC “Guarantee Fund” Malik Abakirov stressed that they would enhance joint work for regional development.

    “In 2018 RKDF approved 781 projects in total amount of USD 261,46 million. We will make effort to find and realize projects related to production in regions taking into account the specificities of each region. We will make effort to create favourable conditions for financing in agricultural industry,” – Erkin Asrandiev said.

    “For 14 months of activity from November 2016 OJSC “Guarantee Fund” issued 237 guarantees in total amount of KGS 248 million,” – Malik Abakirov informed.

     “When issuing guarantees, we pay special attention to rural entrepreneurs. More than half of our guarantees are issued in rural areas,” – added Malik Abakirov

    In conclusion President Sooronbai Jeenbekov added that these Funds with the state banks should continue actively participate in modernization of economy of the Kyrgyz Republic by financing projects in regions of priority to the state.

    Procedure for obtaining guarantee. More…
    The Borrower contacts one of partner banks of OJSC “Guarantee Fund” with loan application

    The Bank independently considers the application of the Borrower, analyzes the submitted documents and assesses the financial condition. If the only obstacle to obtain a loan is insufficient collateral, then the Partner Bank informs the Borrower about the possibility of attracting guarantee of OJSC “Guarantee Fund”.

    If the Borrower agrees to obtain a guarantee of the Fund, the Partner Bank will deliver a signed application to OJSC “Guarantee Fund” for guarantee provision. Simultaneously with this application, the Partner Bank sends the required package of documents.

    OJSC “Guarantee Fund” in short term from the moment of receiving application takes a decision according to Guarantee application.

    In case of a positive decision, a trilateral guarantee agreement is concluded.

    The Borrower before obtaining a loan, pays the guarantee commission, according to the established tariff.

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    OJSC “GUARANTEE FUND” TARGET GROUP

    Entrepreneurs (including women entrepreneurs) of SME segment with activities focused on the production and processing of agricultural products, industry, services, as well as SMEs with export-oriented and import-substituting activities.

    OJSC “GUARANTEE FUND” OPERATING CONDITIONS

    The maximum guarantee amount is up to 50% of the loan amount and not more than 10% of the capital amount (KGS 7 million or the equivalent of USD 100 thousand).

    The process of obtaining a loan with OJSC “Guarantee Fund” More…
    The client comes to the bank for a loan and if they cannot get the necessary amount due to insufficient collateral, the client and the bank apply to OJSC “Guarantee Fund” for guarantee.

    OJSC “GUARANTEE FUND” MISSION

    The mission of the Fund is to ensure the dynamic and sustainable growth of the economy of the Kyrgyz Republic by developing a market of guarantees, to increase the share of SMEs to the country’s GDP and to improve the population’s welfare.

    OJSC “GUARANTEE FUND” FUNCTIONS

    • Providing a guarantee to entrepreneurs, including exporters;
    • Participation in the Program of the Government of the Kyrgyz Republic “Financing of Agriculture”;
    • Providing a guarantee to agricultural producers;
    • Assistance in the development of small and medium enterprises;
    • Assistance in the development of Regional Guarantee Funds.

    OJSC “GUARANTEE FUND” VISION

    The Fund will become a stable developing financial organization of the Kyrgyz Republic providing SMEs with the ability to obtain affordable loans by development of a guarantee system.

    By the end of 2020 the Fund will become the leading financial institution in the market of the guarantee provision for SMEs and will contribute to attract potential local and international investors.

    OJSC “GUARANTEE FUND” (THE FUND) AND REGIONAL GUARANTEE FUNDS (RGF) INTERACTION

    • Institutional development of RGF;
    • Possibility of RGF’s partial capitalization, Fund – 70%; local government-30%;
    • Opening of Fund’s branches in regions with no RGF and no possibility of capitalization from local government;
    • Conducting potential customer evaluation by RGF to provide guarantees under a contract with the Fund;
    • Providing a reguarantee for large projects
    • Issuance of guarantees to businessmen.

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