{"id":10750,"date":"2023-11-13T20:05:03","date_gmt":"2023-11-13T15:05:03","guid":{"rendered":"http:\/\/invest-in-uzbekistan.org\/?p=10750"},"modified":"2023-11-13T20:05:03","modified_gmt":"2023-11-13T15:05:03","slug":"v-uzbekistane-sozdayotsya-kompaniya-po-razvitiyu-predprinimatelstva","status":"publish","type":"post","link":"https:\/\/invest-in-uzbekistan.org\/en\/novosti-uzbekistana\/v-uzbekistane-sozdayotsya-kompaniya-po-razvitiyu-predprinimatelstva\/","title":{"rendered":"An Entrepreneurship Development Company is being created in Uzbekistan"},"content":{"rendered":"<p><span style=\"font-size: 14pt;\"><strong>On November 10, Shavkat Mirziyoyev signed a decree on expanding support for small and medium-sized businesses, Spot <a href=\"https:\/\/www.spot.uz\/ru\/2023\/11\/13\/sme-development\/\">reports<\/a>, citing a document published in the Lex.uz database.<\/strong><\/span><\/p>\n<p><span style=\"font-size: 14pt;\">The\u00a0preamble notes the inadequacy of resources for medium-sized enterprises. The presidential decree is intended to outline measures for the introduction of alternative financial instruments &#8211; in particular, equity financing and service mortgages.<\/span><\/p>\n<blockquote>\n<p><span style=\"font-size: 14pt;\">The State Fund for Support of Entrepreneurial Activities is being transformed into an <strong>Entrepreneurship Development Company<\/strong>. Its founder, as before, will be the Ministry of Economy and Finance.<\/span><\/p>\n<\/blockquote>\n<p><span style=\"font-size: 14pt;\">The Entrepreneurship Development Company will be able to independently implement tools for comprehensive support for small and medium-sized enterprises. It will be given the right to raise funds on local and foreign capital markets, including from international financial organizations.<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">Another area of work of the Entrepreneurship Development Company will be promoting industry and regional projects aimed at creating new jobs. It will also support initiatives of <strong>self-employed<\/strong> individuals.<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">Separately, the company\u2019s mission includes supporting innovation. In addition, it will promote the implementation of green and energy-saving solutions.<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">In 2023-2024, the company\u2019s authorized capital will amount to <strong>300 billion<\/strong> soums. It is also planned to attract <strong>$100 million<\/strong> of resources for business lending.<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">Support programs from the Entrepreneurship Development Company are planned to launch from March 1. Thus, for production and service projects of medium-sized businesses the following will be available:<\/span><\/p>\n<ul>\n<li><span style=\"font-size: 14pt;\"><strong>equity participation<\/strong> &#8211; contribution to the authorized capital of the initiators in the form of real estate, equipment, etc., a share in the amount of 15% of the cost of projects (up to 20% of the authorized capital or 3 billion soums);<\/span><\/li>\n<li><span style=\"font-size: 14pt;\"><strong>service mortgage<\/strong> &#8211; payment of 70% of the cost of real estate and equipment (up to 10 billion soums) with transfer to the initiator on credit for a period of up to 7 years, at a rate based on the main rate of the Central Bank plus 4%.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-size: 14pt;\">These types of assistance will be provided on a <strong>competitive<\/strong> basis. Companies that have been operating for at least <strong>two years<\/strong> and have a permanent staff of at least 50 people are allowed to join them.<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">A <strong>guarantee<\/strong> for loans in the amount of up to 5 billion soums will also be available for small and medium-sized businesses. In the case of a bank loan, the amount of the guarantee may be higher if there is an intermediary agreement between the bank and the Entrepreneurship Development Company.<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">Also, from 2024 to 2026, the company will <strong>compensate<\/strong> part of the interest payments (up to <strong>40%<\/strong> of the Central Bank\u2019s base rate) on loans in the national currency of up to 5 billion soums. The loan rate must be at least 4% higher than the Central Bank rate, but not exceed it by more than 1.75 times.<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">Compensations are provided in the \u201c1+2\u201d mode. Initially, they are valid only in the first year; to renew for the next two years, they must fulfill the plan for the number of new jobs and increase sales revenue by at least 15%.<\/span><\/p>\n<blockquote>\n<p><span style=\"font-size: 14pt;\">For these purposes, the Entrepreneurship Development Company will receive <strong>600 billion soums<\/strong> from the state budget until July 1 and the same amount until the end of 2024.<\/span><\/p>\n<\/blockquote>","protected":false},"excerpt":{"rendered":"<p>On November 10, Shavkat Mirziyoyev signed a decree on expanding support for small and medium-sized businesses, Spot reports, citing a document published in the Lex.uz database. The\u00a0preamble notes the inadequacy&#8230;<\/p>\n","protected":false},"author":1,"featured_media":10751,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-10750","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-novosti-uzbekistana"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/invest-in-uzbekistan.org\/en\/wp-json\/wp\/v2\/posts\/10750","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/invest-in-uzbekistan.org\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/invest-in-uzbekistan.org\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/invest-in-uzbekistan.org\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/invest-in-uzbekistan.org\/en\/wp-json\/wp\/v2\/comments?post=10750"}],"version-history":[{"count":1,"href":"https:\/\/invest-in-uzbekistan.org\/en\/wp-json\/wp\/v2\/posts\/10750\/revisions"}],"predecessor-version":[{"id":10752,"href":"https:\/\/invest-in-uzbekistan.org\/en\/wp-json\/wp\/v2\/posts\/10750\/revisions\/10752"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/invest-in-uzbekistan.org\/en\/wp-json\/wp\/v2\/media\/10751"}],"wp:attachment":[{"href":"https:\/\/invest-in-uzbekistan.org\/en\/wp-json\/wp\/v2\/media?parent=10750"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/invest-in-uzbekistan.org\/en\/wp-json\/wp\/v2\/categories?post=10750"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/invest-in-uzbekistan.org\/en\/wp-json\/wp\/v2\/tags?post=10750"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}