October 19, 2018 - The Black Sea Trade and Development Bank has provided a USD 15 million loan to Ardshinbank, Armenia to help finance small- and medium-sized enterprises (SMEs) in the country. The facility has a maturity period of 5 years, which will enable Ardshinbank to offer the much-needed medium-term financing for SMEs capital expenditures and working capital needs. The facility is expected to serve up to 100 SME clients while supporting around 3600 jobs in Armenia.
“As a development institution, we are happy to contribute towards expanding the SME lending of Ardshinbank, a leading Armenian bank and our longstanding partner, to better serve the rapidly growing funding needs of Armenian entrepreneurs, in line with the national economic policy priorities” said Dmitry Pankin, BSTDB President.
“We firmly believe that this continuing collaboration will create mutually beneficial synergies. This association will enable us to enlarge our lending of SME segment by providing them with access to lending product that helps small businesses get the capital they need to succeed. It offers an additional financing option at favorable conditions, further helping to improve the investment climate in Armenia and benefiting our clients”, said Artak Ananyan, Chairman of the Management Board of Ardshinbank.
BSTDB has been developing cooperation with Ardshinbank since 2012, having already provided a mortgage financing and two SME loan facilities, for a total amount of USD 28 million.