Joint-Stock Commercial Microcreditbank has been established under Decree No PF-3750 of President of Republic of Uzbekistan dated May 5, 2006 re: “Establishment of Joint-Stock Commercial Microcreditbank in order to provide for development of small businesses, private entrepreneurship and private farming, to create new individual self-employment opportunities by activating family businesses and cottage industries, especially to further enhance financing by providing access of large groups of rural population to microfinance services.

The followings are the the major functions of Microcreditbank:

• Carrying out microcrediting,
• Providing target-specific preferential credits to small businesses and private entrepreneurship, especially in rural areas, for generation of initial capital for establishment of small businesses and creation of job opportunities;
• Providing wide access of entrepreneurial entities to the use of preferential credit funds for enhancing their working capital, for expanding their businesses and procurement of materials and resources for processing, for production and sale of finished goods, saturation of the domestic market with domestic-made commodities, resulting in creation of new job opportunities and growth of income of population;
• Creation of opportunities for entrepreneurial entities to purchase modern equipment and small processing lines including under micro-leasing conditions for retooling and updating the processes;
• Providing micro-credits and micro-lease services to private farms and individual peasant farms for introduction of small processing lines, purchase of livestock, poultry, seeds and transplants, for introduction of modern processes in farming, irrigation, cultivation;
• Providing assistance to entrepreneurs in organization of exhibitions and fairs of marketable products produced by them, advertisement, organizing other forms of sale in domestic and foreign markets.

Mikrokreditbank via its regional network of branch and mini bank offices, primarily in the rural places, provides:

• subsidized microcredits for start up of entrepreneurial activities with the duration of up to 18 months in the amount of up to 200 times of size of minimal monthly wage, with the interest rate of no higher than 3 percent per year;
• microcredits for the expansion of activity and replenishment of working capital of small business entities with the duration of up to 24 months in the amount of 500 times of size of minimal monthly wage, with the interest rate no higher than 50 percent of refinancing rate of Central bank;
• services on subsidized microleasing for the small business entities with the duration up to 5 years in the amount of up to 2,000 times of size of minimal monthly wage with the interest rate of no higher than 3 percent per year.

At the same time, the entrepreneurship entities timely and fully repaid earlier received microcredit for start up of entrepreneurial activity and repaid calculated interest on it have preferential rights to receive following microcredits for the business development and using the Mikrokreditbank services.

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