On February 18, "Damu" Fund held a meeting, which was attended by independent directors, the Board of Directors of the "Damu" Fund Oraz Zhandosov and Serikbay Bissekeyev, Chairwoman of the Board of the "Damu" Fund Lyazzat Ibragimova, as well as top managers of 28 Kazakhstani banks.
The discussion centered on options for unification of approaches to financing projects of small and medium-sized enterprises within the state programs, in particular:
1) standardization of entrepreneur’s loan applications when applying for funding under the "Damu" Fund programs;
2) development of common patterns of electronic application forms for state support within "Damu" Fund's financial programs;
3) development of a unified credit policy on "Damu" Fund products and others.
According to Serikbay Bissekeyev "Damu" Fund gathered together representatives of all the banks in order to hear all of their suggestions on which criteria a common set of documents and procedures for SME lending should be developed. This is to ensure that banks ultimately could in a one day consider loan applications and make a decision on the financing of the borrower.
The introduction of common standards enables to simplify procedures for obtaining financial support of "Damu" Fund’s programs and will be sent to the state authorities to make appropriate decisions.
"We understand that banks have different lending policies: some more aggressive, others less, but there are a number of criteria, in particular the determination of the status, the application form and others that we could unify," - said Lyazzat Ibragimova.
To determine the status of SMEs in project financing, "Damu" Fund proposes to use the criteria established by law (the number of employees and average annual income), as well as criteria of financing limit per borrower (group share) up to $ 10 million. (1850 mln. Tenge).
Establishment a single list of required documents, uniform procedures and processing times was offered by ‘Damu’ Fund for borrowers who will receive loans under state programs.
Bankers are very actively involved in the discussion of this topic. According to the deputy chairman of the Halyk Bank of Kazakhstan Stanislav Kosobokov banks in the financing of small and medium-sized enterprises often face two problems: the opacity of the business and the lack of open source from which it was possible to get information about the company to assess the risks.
Since August last year the "Damu" Fund began work on the automation of the formation package of documents required for the loan to SMEs in order to simplify the task to entrepreneurs and banks. Already today it is not required to go to the tax committee, Department of justice and others in order to get some documents, because registered companies can get 25 kinds of it on the site of e-government egov.kz. It is additional 19 forms of documents, relating to the evaluation of the collateral under the development. This year, banks will also have access to this information, and they will not have to demand numerous references and forms from entrepreneurs, before the registration of the loan application.
Oraz Zhandosov proposed to begin work on the development of a single standard of lending from microbusinesses, because projects in this segment is usually easier, and also it is not difficult to assess the risks for banks. After that, when the system will be run-in at the level of microbusiness, more difficult task could be set.
Uniform criteria allows conducting unified statistics, to generate ratings of borrowers, to analyze and forecast the market of SMEs, to determine more accurately the demand for credit by SMEs and to attract resources from the government and other investors.