The President of Uzbekistan has signed a decree outlining additional measures to support youth entrepreneurship projects.
Young people under the age of 31 will be eligible for loans with a term of up to 7 years, including a grace period of up to 1 year on the principal and up to 3 months on interest payments, at an interest rate 4 percentage points above the Central Bank's key rate.
Specifically, preferential microloans secured by an insurance policy or a third-party guarantee will be provided for the following projects: up to 20 million soums to cover youth expenses for learning foreign languages and digital technologies, as well as acquiring modern professions; up to 50 million soums for projects in modern professions including social media marketing, mobiliography, freelancing, setting up online stores, and self-employment; up to 50 million soums for home-based work, textile production, secondary processing and/or sale of textile and other products, and production of new types of products; up to 100 million soums for bakery and confectionery projects.
Additionally, loans of up to 300 million soums secured by property will be allocated for the following projects: up to 200 million soums for creating mobile or lightweight structures in squares, tourist zones, gastronomic streets, and other public places, as well as purchasing equipment; up to 300 million soums for passenger and cargo transportation projects.
Under the “Jobs for Youth” project, the following individual entrepreneurs and legal entities will receive loans for up to 7 years, including a grace period of up to 2 years on the principal: individual entrepreneurs creating at least two jobs for unemployed youth – up to 2 billion soums; legal entities – up to 10 billion soums, with each 1 billion soum tranche conditional on hiring at least two unemployed young people; entrepreneurs who have created over 1,000 jobs, for expanding franchise networks – up to 10 billion soums.
Under the “Step into the Future” program, university graduates and youth under 31 wishing to implement business ideas will receive loans at an annual rate 1 percentage point above the Central Bank's key rate for the following products: up to 20 million soums for students and youth who are self-employed and want to take their first step into business, for up to 18 months including a 6-month grace period, without collateral; up to 300 million soums for students and youth with necessary business skills who want to start a business independently as an entrepreneur, for up to 5 years including a 1-year grace period; up to 2 billion soums for students and youth who have already started a business and aim to expand, for up to 7 years including a 2-year grace period.
Entrepreneurs who provide jobs for students and youth will receive loans of up to 10 billion soums for up to 7 years, including a grace period of up to 2 years.
Source: www.uznews.uz