Concessional loans will be provided to young farmers

The Ministry of Labor and Social Security has developed a new mechanism of preferential microcrediting of young entrepreneurs. It will take effect on January 1, 2023, reports World of NAN.

"Microcredits will be provided on a competitive basis for young people aged 21 to 35 years. They can be young people who want to start a business or young people who are already doing business. Including those involved in the production and sale of goods, works and services, as well as those who produce products on private farms for sale (exchange) and others," the ministry noted.

According to the Ministry, loans will be issued through the JSC "Agrarian Credit Corporation. Nominal interest rate - not more than 2.5% per annum. The maximum loan amount - up to 5 million tenge, with the mandatory condition of collateral.

"Loan term is up to 5 years for any purpose, except cattle breeding. For this activity the term is up to 7 years. Also there is a grace period for repayment of the main debt and compensation, which is not more than 1/3 of the duration of microcredit "- explained in the department.

As the whole for realization of this mechanism of micro crediting of youth in the republican budget for 2023 more than 28 billion tenge will be provided. It will allow to provide with preferential micro crediting more than 5,7 thousand of young people.

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