On March 30, an extended meeting took place in Bishkek, where the Minister of Economy and Commerce of the Kyrgyz Republic, Bakyt Sydykov, gathered representatives from the state financial sector, banks, and the textile industry.
According to the ministry, during the meeting, the minister emphasized that the preferential lending program for entrepreneurs in the textile sector, based on subsidizing interest rates, is showing positive results.
“The program is actively developing. As of March 30, the volume of issued loans amounted to about 1.5 billion soms. Entrepreneurs who comply with the legislation receive preferential loans without any obstacles. This is certainly encouraging. However, there are cases where representatives of the textile industry working in the informal sector cannot obtain such loans for various reasons. The main goal of today’s meeting is to support these entrepreneurs and find solutions to their problems,” noted Sydykov.The minister also gave the floor to participants from the light industry who faced difficulties in obtaining preferential loans. In response, representatives of the banks answered their questions.
During the discussion, the main problems hindering the acquisition of preferential loans were identified:
- informal entrepreneurial activity, lack of necessary documents, insufficient financial reporting, and lack of transparency in cash flows;
- absence of a tax base and untimely submission of the Unified Tax Declaration;
- presence of debts on previously obtained loans over the past three years.
Meeting participants emphasized the importance of timely and complete submission of the Unified Tax Declaration for businesses.
As a result of the meeting, banks received recommendations to enhance their work on accepting and processing applications, as well as to establish closer cooperation with entrepreneurs.
