VTB (Armenia) continues to develop lending opportunities for small businesses. The bank offers the 'Express' loan, which allows obtaining up to 20 million drams for business development.
This product is designed to address both current and investment needs of enterprises and is characterized by quick application processing. The 'Express' loan is provided without collateral or with partial collateral for a term of 1 to 60 months.
The interest rate for the product ranges from 10% to 16% per annum (effective interest rate: 12.7% - 20.92%). The loan funds are intended for solving various business tasks, including replenishing fixed and working capital and repaying existing loans.
“We see a steady demand from entrepreneurs for fast and accessible financing that allows them to quickly address current issues and implement business development plans,” commented Evgeny Motovilov, Deputy General Director of VTB (Armenia).
According to the bank's statistics, 80% of borrowers for this loan product are retail and wholesale trade companies, while 20% are from the manufacturing sector.
