Turkmen entrepreneurs will be able to obtain preferential loans up to 500 times the minimum wage established in Turkmenistan. This follows from the Procedure for issuing loans by state loan institutions of Turkmenistan to individuals - entrepreneurs engaged in entrepreneurial activity without forming a legal entity published on the legal information portal.
Financial support is provided at 5 percent per annum. It is necessary to repay the debt within 7 years, while the grace period for repayment of the principal part is 2 years.
According to the Procedure, an entrepreneur is an individual who deals with entrepreneurial activity without forming a legal entity, belonging to small and medium-sized businesses, in accordance with the Civil Code of Turkmenistan as well as the Law of Turkmenistan "On Entrepreneurial Activity".
In accordance with the Procedure, loans to entrepreneurs are provided for the following purposes:
- Development of industrial production;
- Expansion of existing production facilities;
- Manufacture of folk and applied art products;
- Purchase of industrial premises;
- Services rendering;
- Financing of projects related to the development of animal husbandry and poultry farming, production, storage and processing of agricultural products.
Loans in national currency are provided for settlements with residents of Turkmenistan.
Loans in foreign currency are provided for settlements with non-residents of Turkmenistan (unless otherwise established by the legislation of Turkmenistan).
