Subsidized agricultural loans at Converse Bank
Converse Bank has started issuing agricultural loans under state subsidy. On February 7, memorandums were signed with this purpose with the Ministry of Agriculture and Rural Areas Economic Development Programmes Implementation Unit.
“Financing of SMEs in Armenia, including the agricultural sector, is one of the priorities of Converse Bank’s activity. This cooperation enables Converse Bank to expand the list of offered products and make financing maximum affordable for the beneficiaries. Namely, within the framework of cooperation, the Bank’s existing and new customers can obtain loans for installation of hail protection netting and drip irrigation systems and establishment of intensive orchards up to 5% annual interest rate”, – said Rostom Badalyan, Corporate Business Director of Converse Bank, adding that the loan products are already available at all branches of the Bank.
Within the framework of the projects, loans will be provided to private individuals and legal entities, including cooperatives and private entrepreneurs.