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Small Business lending in Kazakhstan
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A. Reasons for undertaking research.
At the times of Soviet Union, there wasn’t not only small or middle business, there was not any business at all, everything was public and there was no owners; so all countries of ex-Soviet Union have to develop their small enterprises intensively. For Kazakhstan, it was very difficult, mainly because Kazakhstan had more mineral industry and a little of agriculture, for the most part - grain. Processing industry was very weak. When USSR broke up and young Kazakhstan had to care about itself, enterprises needed huge amounts of money to buy necessary equipment, employ qualified workers to work in mineral industry and to develop processing industry, which demand, by the way, more expenses. However, firstly, government and banks did not have enough money to give credits to the enterprises and secondly, it was much easier to create monopoly. Thus, our system of supporting small business was not correct from the very beginning. But still, 10 years later when it seems that Kazakhstan had grown roots and almost everything going rather well, our system of supporting small business in a bad condition (see Appendix 1).
There are several reasons why our small business develops very slowly. Firstly, there was not any optimal government strategy it support small business. Government did not reveal the appropriate branch and regional priorities for small business. Secondly, another problem is corruption. As we know, officials can build huge barriers before entrepreneurs, for example, different checks, problems with registration, and others. Thirdly, a high taxes on enterprises.
Small enterprises pay more taxes than big ones. This system of taxation should be more fair, because for small enterprises there is no stimulus not to develop, but even to conduct their own business. Lastly, in our country there is no appropriate lending system. Banks do not want to credit small business, because there is more probability that business won’t go well, also there is big problems arises with preparing necessary documents in order to receive a credit, another problem is liquid enough pledge. So we can see, that enterprises collide with many problems when they are trying to receive a credit.
What for our country should support small business? Small business creates new workplaces, form middle class, develop trade and production. If we would not develop small business, there will be no competitive market, thus there will be no improvements in our market, in products and services. So, we should develop small business in Kazakhstan to build up our economy, particularly we should improve our crediting system of small enterprises, because small firms have to develop themselves, but they can not do that without money. Thus, our research problem is with which problems small business meets, when it is trying to receive a credit.
B. Research structure.
Our research structure:
1. Necessity to credit small business. In this chapter, we will tell you about needfulness of developing small business and some ways to realize financing and investing support.
2. Goals for receiving a credit. In this chapter, you will read about aims of entrepreneurs who are trying to receive a loan and on what kind of goals banks lend money.
3. Terms for receiving a credit. You will read about necessary documents, required in banks and difficulties with preparing these documents, about meeting with representative of credit department, about pledge and interest rates.
4. Interest rates and repayment. In the chapter we will tell you about one of the most important things, with which each entrepreneur meets when he receives a loan – interest rates. Another important thing you will read in this chapter is a day or period of repayment.
C. Research methodology.
We conducted our research on case study and survey. We reviewed literature, Internet, publishing information, periodical, science magazines, and reports of different banks. We conducted an interview with respondent Ms Sahauyeva Zhanar, who is working as a chief accountant in "Oasis” company, this interview was organized in 3 of April (checklist, see Appendix #1).
II. Necessity to credit small business.
First of all, let us define the notion of small business. According to the existing law, to small business refer new and working enterprises, in which number of employee not more than 50 and total cost of assets not more than 60 000 calculation indexes ( Law of Republic of Kazakhstan from 19 July 1997 N 131-1 O gosudarstvennoi poddershke malogo predprinimatelstva (with amendments to this law in 10.07.98 № 283-1; in 26.07.99 № 458-1; in 29.11.99 № 488-1)). Thus, for today maximum amount for assets of small enterprises cannot exceed 46 500 000 tenge. Small and middle business – the basis of market economy, it overcomes monopoly, provide employment (see Appendix 2), provide revenues from its activity to government, provide more innovations than other forms of business.
It is important to credit small business. Most of small enterprises had to limit their activity because of lack or inaccessibility of credits. Thus, now the weakened business cannot carry out its functions, which is create new workplaces, form middle class, develop trade and production, and which is effective especially in sphere of agriculture, tourism, rendering of services to the population, etc. Therefore, financing and investing support is the most important for effective development of small business.
Finance and investing support for small business can be realized in the following ways:
§ Crediting by second tier banks priority projects by tender system on the preferential conditions;
§ Creating and development of guarantee credit system in a second tier banks, on a basis of forming pledge funds in regions;
§ Promotion of stimulation of second tier banks;
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