More than 100 female entrepreneurs will be issued loans by Unibank’s «Women in business» program
Women have an increasing tendency to engage in the world economy. More and more companies are hiring at least one woman for their management teams. According to the report by Grant Thornton almost one third of executive position in Armenia- about 32%, are taken by women.
Unibank in cooperation with FMO bank has launched a program called «Women in business» in support of female entrepreneurs. In the frameworks of this program female entrepreneurs will be able to borrow up to USD 500.000 with an annual interest rate of 10.5%. The loan is issued in USD with a maturity period of 60 months.
The program allows female entrepreneurs engaged in various spheres such as manufacturing, trade, tourism, service (printing and medical equipment inclusive) to be qualified for the loan. As such, a primary estimate of 100 female entrepreneurs will be financed for business growth and development in the frameworks of the program «Women in business».
Kristine Shahbazyan, a private entrepreneur, has already taken advantage of this offer:
«We have taken out a loan with beneficial conditions, which means we may now realize our plans that includes enlargement and modernization of the business and reaching a new level. Now I am running a small business, but Unibank’s support assures me of a new development stage during the following five years».
«This program is aimed at creating one more source of finances for female entrepreneurs, which will stimulate the development of their business», mentions David Petrosyan, Director for corporate business promotion and sales of Unibank. «The loan is issued for certain purposes that involve replenishment of fixed and working assets, investments, financing of loans at other banks or loan companies».
The agreement between Unibank and FMO bank was signed in October this year, in the Netherlands. In the framewroks of the program female entrepreneurs will be qualified for loans with a total amount of USD 10 million. The implementation of the program «Women in business» will give an opportunity to support SMEs’ development and will foster new vacancies in Armenia.