Nearly 300 SMEs apply for loans from ARDB

June 13, 2020

Nearly 300 SMEs apply for loans from ARDB

Sok Chan / Khmer Times

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The Agriculture and Rural Development Bank (ARDB) said that it has received more than 288 loan applications so far with a total loan of $31 million from small and medium sized enterprises.

In March this year, the government allocated $50 million special fund for SMEs. The fund is designed to specifically focus on agri-processing, food processing, agri-business, crops including vegetables, livestock and the aquatic business plus any enterprise that uses raw materials from agriculture.

The bank said the government has recently reduced the interest rate from 6 to 5 percent for working capital and 6.5 percent to 5.5 percent for investment capital, as well as increase the repayment period for up to seven years. SMEs can borrow up to $300,000.

Kao Thach, director-general of ARDB, told Khmer Times “Thus far we have received nearly 300 applications who requested loans from the bank. However, we have approved around $4 million out of the requested $31 million.

“The late loan approval for the requested applicants is because of the complicated collateral of the small enterprise in the province,” Mr Thach said.

Tags: ARDB

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