Pencabligil: Sovereign guarantee facilitates lending to small and medium-sized businesses
Micro, small and medium-sized enterprises (SMEs) remain at the center of the new national initiative to increase access to financing, signed today in Tirana between state institutions and the banking sector.
At the signing ceremony today in Tirana of the new partnership between the state and the banking system for the "Double Your Entrepreneurship" program, the Deputy Chairman of the Albanian Association of Banks and General Director of BKT, Seyhan Pencabligil, emphasized the importance of supporting this segment of the economy.
"Small and medium-sized enterprises make up almost the entire business community in Albania in terms of number, but their access to financing is extremely low compared to the weight they hold in the economy," he said.
He added that the main problems are related to the lack of information and collateral. “According to him, this is related to informality and the lack of collateral,” stated Pencabligil. Praising the new initiative, he said that the sovereign guarantee and new financial instruments will help facilitate lending to businesses.
“Today’s initiative provides collateral support to businesses through the government’s sovereign guarantee, as well as low-cost loans, through institutional cooperation,” he said. According to Pencabligil, commercial banks will be engaged in the implementation of this program, which aims to increase financing and development of Albanian enterprises.
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