Ameriabank launches Armenia’s first scoring system for SMEs

PanARMENIAN.Net - At a panel discussion on the obstacles to the development of small and medium-sized businesses and the ways to overcome them, Ameriabank launched a new lending system for SMEs in Armenia, the first such system in the country.

According to head of Retail Business Banking and Consumer Lending at Ameriabank Aram Baloyan, the service enables the bank to provide AMD 1-10 million loans to SMEs in a matter of minutes, with the interest rate starting at 13.5%.

Legal entities first need to register on the online platform, specify the type, currency and size of the loan, fill in the details of the organization or owner, personal data and confirm the application. The answer will arrive within 5 minutes.

In case the applicant has an ID card and a bank account, it’s necessary to proceed with the identification process after the approval of the loan by going through the contract and making notes. The loan can be obtained from an existing or newly opened account.

If the business or the owner has no ID card or an account with Ameriabank, they should visit any of the bank’s branches seven days after the approval of the loan to get the money.

Should a business need a loan that exceeds AMD 10 million, they will just need to attach the necessary documents and wait for a call and maybe a visit from Ameriabank.

Under the offer, loans are provided without any loan disbursement fee or a pledge of real estate.

According to Baloyan, the new scoring system makes a decision on loan approval based on information collected from various resources.

“The system gives businesses the opportunity to file a loan application, get in touch with the bank and sign the loan agreement online,” he said.

Retail Banking Director Arman Barseghyan reminded, meanwhile, that the bank launched a scoring system for individuals back in 2017.