News

Loans for small and medium-sized business will be more affordable

Bailyk Finance and the European Bank for Reconstruction and Development (EBRD) signed a loan agreement on 19 November, for $ 2 million in local currency to finance micro and small business in remote regions of the country.
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One of the main factors in obtaining a loan from the EBRD was the successful and positive dynamics of the Bailyk Finance Company, with 10 years expirience on the market. Now we are the third largest microfinance institution in Kyrgyzstan, serving more than 43,000 clients throughout the country, about 59% of whom are women and 80% are residents of rural areas.

The main goal of this loan is to finance micro and small businesses that are in particular need of funds after COVID-19. And in this regard, preliminary discussions have already taken place on other EBRD initiatives, including the KyrSEFF program and capacity building for women entrepreneurship with the assistance of the EBRD team, which provides not only funding for women, but also the provision of training and advisory programs.

This is the first cooperation of our company with the European Bank for Reconstruction and Development. We are glad to have become their partner. We hope that by joint efforts we will help entrepreneurs from rural areas to get access to financing. We plan to expand cooperation with the EBRD in other areas, such as providing housing loans with an energy efficiency component, which is especially relevant in Kyrgyzstan given the current energy crisis, as well as financing women entrepreneurs,” said Chinara Moldazhanova, General Director of MCC Bailyk Finance. .

In turn, Francis Malij, Managing Director of the EBRD Financial Institutions Department, noted that by providing this loan to Bailyk Finance, the EBRD stimulates lending in local currency in the Kyrgyz Republic and directs new funds to the recovery of local enterprises after the Covid-19 pandemic.