Ameriabank to continue SMB financing

PanARMENIAN.Net - Ameriabank Director General Artak Hanesyan said that the bank has already distributed $20mln envisaged for financing of small and medium business in the framework of a loan agreement with FMO and DEG.

Loans up to $1.5mln with 8 years maturity period were issued to companies with the maximum turnover of AMD 5bln and 200 employees, Hanesyan told journalists in Yerevan.

According to him, the bank granted 67 loans for small and medium business financing. “We are going to continue the program with FMO and DEG to increase the amounts of financing,” Hanesyan said.

After the introduction of an Environmental and Social Management System, Ameriabank has got the opportunity to decrease interest rates for its clients.

“Loans granted from April 2009 have been refinanced under the program. Moreover, we have developed a program, under which the clients, who have received loans and serviced it without violation of the loan agreement, will have the opportunity within two years to use the interest rate decreasing by 0.5% once per 6 months,” he said.

Hanesyan added that the average interest rate of loans under this program makes 12.5% with 7 years maturity period.

According to Hanesyan, the bank is going to attract additional funds from leading international financial institutions in the near future.

As for financing of renewable energy, the bank has received $5mln out of $10mln foreseen under the loan agreement. “Applications for placement of around $3mln have been already satisfied. I strongly believe that within five months we will be able to place these funds,” Hanesyan concluded.