Over two hundred businesspeople in Almaty have received favorable loan terms
Embrace the vibrant, thriving business scene in Almaty, Kazakhstan, as over 200 entrepreneurs have reaped the rewards of preferential loans under state programs. In 2020 alone, the Damu Fund, a powerhouse in nurturing growth, pumped around 200 billion tenge into companies, according to Almaty.tv reports.
Let's delve into the testimonies of three prospering Almaty businesses that have leveraged the Damu Fund's assistance.
The Resilient PVC Factory
For 12 years, a factory producing PVC sewage pipes and window profiles has carved out its niche in the market. Year after year, the enterprise pumps out over 30 thousand tons of products and supports over 1000 jobs.
Engin Shimshik, the factory's director, speaks of the Damu Fund's impact: "Our factory's operation was enhanced thanks to the Damu Fund's support. We were granted a 300 million tenge loan at a 6% annual interest rate, a lifeline that allowed us to purchase raw materials, continue our operations during the pandemic, and safeguard our employees' jobs."
The Television Startup's Big Leap
A young company specializing in television assembly received a 600 million tenge loan under the "Damu Industry" program. The loan unleashed a surge in production capacity, propelling the business towards success. In the first year, they managed to sell 20 thousand televisions, and this year, they've already hit 30 thousand. Their goal is to reach 50-55 thousand units by year's end.
Valerie Son, the factory's director, shares, "We're staying local for now, but the Damu Fund's backing has been instrumental in our soaring sales. We're on track to surpass 50-55 thousand units by the end of the year."
The Advanced Clinic Revolutionizing Healthcare
The Damu Fund's financial welcome mat extends beyond manufacturing to the healthcare sector too. One of the city's largest clinics took full advantage of the funds and reaped the rewards of cutting-edge equipment. New MRI, CT, linear accelerators for cancer treatment, and angiography equipment now grace the clinic's facilities, all meeting modern standards.
The clinic's network head, Kuanysh Kerimkulov, couldn't be happier: "The use of the Damu Fund's resources has made our services more competitive. Even during the PCR testing event, when prices soared elsewhere in the city, we offered it for just 8,500 tenge. It's our privilege to be able to provide such high-quality care at affordable prices."
The multifaceted financing approach of the Damu Fund
At its core, the Damu Fund works by either subsidizing loans, reducing the interest rate on loans taken from second-tier banks, or guaranteeing loans for entrepreneurs lacking collateral.
Svetlana Nazaryuk, the city branch director of the AO "Fund for the Development of Entrepreneurship" Damu, offers more insights: "In this year, we've expanded our support to include large businesses and emphasize that our programs encompass both new loans for investments and working capital replenishment, as well as refinancing loans."
Under the "Business Roadmap 2025" state program, 168 city-based projects received a total of 59 billion tenge in loans, a significant increase from the 120 businessmen who received loans the year prior.
At the heart of the Damu Fund's initiatives are entrepreneurship promotion, sector-specific support, and economic growth enhancement in the wonderful city of Almaty.
The Resilient PVC Factory's director, Engin Shimshik, received a loan of 300 million tenge from the Damu Fund, which was used to purchase raw materials and secure the jobs of over 1000 employees during a difficult year.
The Television Startup, a company specializing in television assembly, received a 600 million tenge loan under the "Damu Industry" program, which significantly boosted their production capacity and sales.
The Damu Fund not only provides loans for new investments but also offers working capital replenishment and refinancing loans, as evident in their multifaceted financing approach.
