The credit-guarantee scheme was launched on March 29, 2019 within the framework of the Agency "Produce in Georgia". Its goal is to guarantee up to 70% of collateral for SMEs in the bank, as the authors of the program say, it will make easier for businesses to access the finances.
Almost eight months have passed since the program came into force, but the credit-guarantee scheme does not have a beneficiary yet. BM.GE applied to the agency "Produce in Georgia" to explain the reasons.
The Agency responded:
“In July 2019, the Agency and 12 commercial banks have signed agreements related to the program. The following commercial banks are: JSC TBC Bank; JSC Bank of Georgia; JSC Cartu Bank; JSC ProCredit Bank; JSC VTB Bank Georgia, JSC "Isbank Georgia"; JSC "Liberty Bank"; JSC "Pasha Bank Georgia"; JSC "Terabank"; JSC "Finca Bank Georgia"; JSC "Halyk Bank Georgia", JSC "Credo Bank ".
You know, that Credit Guarantee Scheme is an innovative and quite complex project, requiring completely new software. Due to the complexity of this scheme, commercial banks and software companies are actively working, and after completion of this process, commercial banks will be able to receive applications under the scheme. "
"Produce in Georgia" does not specify when commercial banks will begin to receive the applications.
To remind, 20 million GEL is envisaged in the 2019 Budget for the loan collateral within the frame of credit-guarantee scheme.
