ArmInfo. SME Investments Universal Credit Organization has participated in the "Made in Armenia" annual exhibition, which is being held in Meridian expo center and represents more than 320 companies from Armenia and Artsakh.
Talking to the ArmInfo's correspondent representative of the SME Investments UCO Inga Aghalovyan (Credit Portfolio Management and Monitoring Department / Senior loan Specialist) noted that using the expo platform for getting familiar with the representatives of the industrial sector the company presents its services to the Armenian producers, particularly informs about the terms of providing loan funds. "SMEs express interest in our company's services due to beneficial terms, particularly for export oriented enterprises", the specialist noted.
Aghalovyan explained that loan funds are provided to SME sector in exclusively national currency, the interest rates ranges between 12.5% and 15% annually, which is according to the expert lower that the ones in the commercial banks. Among other benefits the representative of the company mentioned allowances to export oriented producers, the loans to whom are subsidized (in amount of 3%) during two years by the Armenia Development Fund. At the same time in case there is no appropriate collateral, the SME Development National Center will provide loan guarantees (to up to 70%) with a repayment term to up to 5 years. "By providing funds in drams we give our producers, particularly exporters an opportunity to avoid currency risks, which may significantly damage production process", she stressed.
Aghalovyan noted that as of today the company has 250 active loans the most of which are given to enterprises of processing industry. To note,"SME Investments" Universal Credit Organization closed joint-stock company started its activity on the basis of license N 28 issued on August 07, 2009 by Central Bank of RA. Company was created within the frameworks of program "Crediting of economy stabilization" and has a purpose of promoting the development of small and medium-sized entrepreneurship.
According to the ranking of credit companies of Armenia prepared by ArmInfo, as of June 30 2016 assets of SME Investments totaled 12.2 bln drams with 15.4% y-o-y growth. The share of loan portfolio in their structure is 78% or 9.5 bln drams (52% y-o-y growth). The company finished the first half of 2016 with 123.5 mln drams income with 46% y-o-y decline. The SME Investmenst UCO enters top 10 among universal credit organizations in terms of its assets and loan portfolio.
