Damu Fund to provide loan payment deferrals to riot-ravaged businesses in a simplified manner

Damu Fund to provide loan payment deferrals to riot-ravaged businesses in a simplified manner

By the order of President Kassym-Jomart Tokayev dated January 6, 2022, the Agency for Financial Market Regulation and Development (AFMRD) and the Ministry of National Economy have developed measures to provide state support to small and medium-sized businesses affected by the unrest.

These measures are described in the Rules for granting loan payment deferrals to individuals and legal entities affected by the state of emergency. The document was approved by the order of the Chairman of the AFMRD #8 dated January 10, 2022.

According to this document, the Damu Entrepreneurship Development Fund (a subsidiary of Baiterek Holding) will restructure loans of the small and medium-sized businesses that were damaged during the riots. The support will be provided within one working day after an application is received. The loans are restructured under governmental programs of subsidizing and loan guaranteeing.

Under the Business Roadmap-2025 State Program (BRM-2025), the restructuring will be carried out without analyzing the financial and economic activities of entrepreneurs. Within one working day, the Fund receives an application, the terms of restructuring are agreed upon, and a letter is sent to a bank.

Micro- and small businesses that had previously received loans up to 20 million tenge (the first leg of the BRM-2025), should send documents to the Fund only if they need to prolong the loan term or prolong the guarantee period.

       The Damu Fund will resume loan subsidizing and guaranteeing for micro-, small and medium-sized businesses in the shortest possible time – after the budget is approved and relevant agreements are signed.

In 2021, the Damu Fund financed 57.7 thousand projects with 2.175 trillion tenge (this number includes 13.4 thousand micro-businesses financed with 75.4 billion tenge):

– 32.3 thousand projects were subsidized for 1,598 billion tenge (this number includes 11 thousand projects subsidized for 421.7 billion tenge under the state program of supporting entrepreneurs employed in the most Covid-affected sectors of the economy);

– 17.3 thousand projects received loan guarantees for 366 billion tenge;

–  8.4 thousand projects received concessional financing for 211 billion tenge.

Entrepreneurs can visit the Fund’s regional branches, where managers will supervise their projects using online.damu.kz and egov.kz websites until the projects are approved by a second-tier bank or other financial institution.

Also, entrepreneurs can send their applications on their own on the egov.kz and online.damu.kz websites. For more detailed information, feel free to visit www.damu.kz, www.online.damu.kz or call 1408 (toll-free). You can also contact managers in the regions, contact information is available on the Fund’s website and official social media accounts.

By the Decree of the President of the Republic of Kazakhstan #571 dated May 22, 2013 “On some measures to develop the national economy and optimize the management of development institutions and financial organizations” 100% of the Damu Fund’s shares were transferred to Baiterek National Management Holding.

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