Central Bank holds webinar for entrepreneurs on the benefits of the State Registry for Encumbrance of Movable Property

07-10-2020

6 October 2020, Baku: One of the main goals of the “Strategic Roadmap for the production of consumer goods at the level of small and medium-sized enterprises in the Republic of Azerbaijan”, approved by the Decree of the President of the Republic of Azerbaijan dated 6 December 2016, is to improve the accessibility of small and medium-sized enterprises (SMEs) to finance and to increase their access to credit by offering movable assets as collateral. The Central Bank is constantly taking measures to regularly update the State Registry for Encumbrance of Movable Property (the SREMP), which was established for the above purpose, to expand its scope, as well as to educate SMEs about the essence of the SREMP.

Within the framework of the work carried out in this field, on 6 October 2020, the Central Bank and the Small and Medium Business Development Agency (SMBDA) held webinar on “The role of SREMP in entrepreneurial activity” and the “Activity of SMBDA and SME Friend Service”, respectively. During the meeting with the participation of entrepreneurs, the participants were informed about the essence of the SREMP, the movable property that serve as collateral, the possibilities to obtain a loan by offering movable assets as collateral, the simplicity of the application procedure and exchanged views by demonstrating the advantages of the information resource. At the same time, it was brought to the attention of small and medium-sized enterprises that changes were made to the existing regulatory framework with the aim of significantly lowering service charges in order to promote the active use of SREMP.

During the webinar, entrepreneurs were provided with detailed information about the support measures carried out by SMBDA at all stages of the establishment and development of small and medium-sized enterprises. Discussions were held on facilitating access to concessional financial resources, creating a system of continuous training, integration of new ideas and innovations into business, protection of the interests of entrepreneurs and other areas.

In order to facilitate the access of the population and business entities to financial resources in the country and ensure the widespread use of new financial instruments, the Central Bank plans to hold regular meetings on this topic.

The Central Bank of the Republic of Azerbaijan

The Small and Medium Business Development Agency