Armenia's Anelik Bank announced on Tuesday that it introduced a new business loan, called simple fast, for small and medium-sized enterprises.
The bank provides real estate-secured loans of up to $50,000 with a seven-year maturity period and annual interest of less than 12 percent.
"The share of business loans in the loan portfolio of Anelik Bank has always been the biggest," Karen Janinian, the first vice chairman of the Anelik Bank management board, said. "Therefore, Anelik Bank has introduced a new type of loan, simple fast, to promote SMEs."
The maximum amount for the gold-secured loan is $50,000, which carries an annual interest rate of 13 percent. The maximum amount of the loan under loan guarantee is $5,000 with a three-year maturity period and annual interest of 16 percent.
"I am sure we have managed to create conditions favorable and acceptable to the local SMEs," Janinian said.
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