ARMENIAN ARARATBANK OFFERING SMALL & MEDIUM BUSINESS CREDIT PROGRAMS
March 14, 2008
YEREVAN, March 18. /ARKA/. The Araratbank offers small and medium
entrepreneurship (SME) credit programs under the slogan "develop your
business with the help of Araratbank."
The Araratbank and European Bank for Reconstruction and Development
(EBRD) implement SME credit programs.
Under the first program called a New Page in Your Business, the bank
extends credits at about $10,000 within 10 hours. Individuals who
have been involved in trade, industry and services for more than
three months can get these loans.
The credit payment term is 24 months with 17%-19% annual interest
rate. The loans are given against mortgage, personal property,
inventory and corporeal. The loans are repaid proportionally.
Under the second program Big Money to Small Business, the Araratbank
offers individuals $100,000 worth credits within 100 hours. The credit
is for entrepreneurs who have been doing business for 3-6 months. The
credit payment term is 48 months with 15%-17% annual interest rate. The
loans are given against property, inventory and corporeal.
In early 2008, EBRD offered the Araratbank $6mln worth credit for SME
development ($5mln) and international trade financing ($1mln). The
legal representative of the Armsvyaz Bank, the Araratbank was
established in 1991.
On October 31, 1996, the bank got N4 banking license.
As on December 31, 2007, the Araratbank’s assets and capital totaled
AMD 27.8bln and AMD 4.6bln respectively. The bank’s profit amounted to
AMD 315.8mln, the credit portfolio being AMD 9.6bln in the reporting
From: Emil Lazarian | Ararat NewsPress