Converse Bank has introduced “Gyumri” and “Gyumri Agro” loan types for development of SMEs and the agricultural sector in Shirak marz.

The bank noted that the new SME funding product “Gyumri” is intended for financing of investment projects implemented in the region in the sectors of tourism (including tourism infrastructure), trade, and service, including start-ups.

Lending is provided in three currencies - in AMD, with the annual interest rate starting from 10.5%, in USD - 8%, and Euro - 6%. Loan maturity is up to 120 months. The option of a 24-months’ grace period for repayment of the principal amount is offered to start-up projects.

“The product will be offered to customers as part of the comprehensive package of banking services, within the framework of which borrowers will also be provided with the opportunity to make use of other services offered by the bank, on privileged terms.

Namely, along with “Gyumri” loan, the borrowers will be offered free use of Converse Bank’s internet banking and mobile banking services, issuance and service of corporate cards, installation of POS terminals without the service fee for one year, etc.,” Converse Bank noted.

Within the framework of “Gyumri Agro” loan, agro lending with maturity up to 84 months will be offered, with the annual interest rate starting from 10.5% for AMD loans, and 8% for USD loans.

“Anyone willing to make investments in Shirak marz is eligible to apply for the new banking products. Among potential beneficiaries of the project, businessmen from Shirak region, currently working abroad, who intend to return and start their business in the region, are of particular importance. It should be noted that in case of SME lending we are ready not just to finance their investment projects, but also to provide business advice to them throughout implementation of the projects,” Converse Bank stated.

Converse Bank announced about the intention to launch such products several months ago, during the outgoing session of Converse Bank’s Board, held in Gyumri.

The details of SME lending product “Gyumri” are available here and “Gyumri Agro”- here.