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The 5th Business Forum of Conference on Interaction and Confidence Building Measures in Asia (CICA), 10-11 of November 2016, Astana, Kazakhstan

Young entrepreneurs can be provided by “Damu” Fund’s guarantees without any constraints on their activity

July 15, 2014 6:32 pm

Government decree introduced amendments to the programs of support of private entrepreneurship “Business Road Map-2020”.

Key change, made in the program, was the abolishment of industrial constraints on issuance of “DAMU” Fund’s guarantees on credits to the startup entrepreneurs, aged below 29 years old. The guarantee on credits to beginning entrepreneurs covers 70 percent of the overall credit amount.

In other words, young entrepreneurs can obtain the credits up to 20 mln. tenge for only 1/3 of the collateral, without constraints on types of activities. Remaining coverage can be provided by Damu guarantee.

Beginner entrepreneur is the subject of individual entrepreneurship, whose registration duration as IE at the time of credit appeal to bank is less than one year. In addition, entrepreneur should not have any credit history, related to entrepreneurial activity. The affiliation of beginning entrepreneur in creation of new type activities within existing subjects of individual entrepreneurship is accepted.

Young beginning entrepreneurs are individual entrepreneurs aged below 29 years old (inclusively). The age is defined at the date of application to the bank.

The Fund hope that introduction of this changes will give a push to the development of youth entrepreneurship in the spheres of trading, catering and other types of activities, which before were not in the priority of “Business Road Map-2020” program.

Currently, there are four banks working with beginning entrepreneurs’ credit program: Bank CenterCredit, Halyk Bank of Kazakhstan, subsidiary banks of “Sberbank of Russia” and “ATFBank”.