A joint program with BPN and Khan Bank is starting to be implemented. Please provide information about this program.
First of all, let us introduce the characteristics of the BPN organization. Since 2012, we have been implementing a program to support small and medium-sized enterprises funded by the Swiss BPN Foundation, and have been operating regularly with the status of a Representative Office of the Foundation. It can be understood that the experience and knowledge of Swiss manufacturers are invested in Mongolian entrepreneurs through training and consulting services. In addition, entrepreneurs have many other opportunities, such as networking with each other and participating in business trips to learn about Swiss experience.
Our program has a main focus on equipment financing. In line with this focus, we have signed a long-term memorandum of understanding with Khan Bank to support and empower small and medium-sized businesses that can grow, thrive, and be sustainable. It took some time to finalize the agreement, and now that the equipment loan financing has been received, our program is being implemented.
What specific activities will the program offer besides loan products?
The main feature of the joint program with the SME Support Center of Khan Bank is that entrepreneurs will not only receive equipment loans, but also receive comprehensive knowledge to improve their company management skills and knowledge, according to a detailed plan and schedule. Again, entrepreneurs will receive equipment loans, which means a great opportunity to develop themselves and their companies without additional costs.
There are many businesses that need financing. Are there any specific requirements for getting a loan? Which businesses are eligible for financing?
BPN program participants and entrepreneurs participating in the joint support program are eligible for financing. Of course, there are certain requirements set by the bank for obtaining a loan. The interest rate on this loan product is relatively low compared to other business loans, at 8% per annum, and the term is up to 36 months. During this period, we provide entrepreneurs with free business loans to stabilize their businesses, increase and expand their production capacity. Coaching Provide support through services.
We are pleased to be working towards increasing financial access for entrepreneurs at a time when demand for credit products is high.
Thank you for the interview. B. Munkhzul
