OREANDA-NEWS. On March 06, 2008 Kazkommertsbank JSC (Almaty), being the listing company of Kazakhstan stock exchange's (KASE) had spread the press-release of following contention, reported the press-centre of KASE:

Kazkomemrtsbank had mastered 70% form sum of KZT12,2 bn., received from Fund for development of small business JSC (in December 2007 was re-formed to Fund for development of business "Damu" JSC) in the frames of program of Caused flotation of funds thorough second tier banks (STB). At that Kazkomemrtsbank provided the small business with money resources at the lowest cost of them on the market.

The given program was developed with objectives of increase of effectiveness of state measurements for financial support of small and middle business (SMB) in Kazakhstan. Program is maintaining by provision by Fund to commercial banks of financial resources for further crediting of SMB subjects, which supposes the increase of degree of availability of credit funds and widening of coverage of potential borrowers from number of SMB subjects.

Loans of Kazkommertsbank in the frames of state program were provided to businessmen for purchasing of new and modernization of current assets, and also for replenishment of turnover assets in next fields: production, trade, services, agriculture, transport and connection.

Chairman of Board of Fund for development of business "Damu" JSC Gosman Amrin during the widened meeting of prime-minister of RK Karim Massimov with representatives of small and middle business, being held on March 3, 2008, had noted that currently the nominal rate on credits, given by account of KZT48,8 bn. extracted from the budget for financing of projects of SMB makes "a little smaller than 18%". "The best position on cost of resources for SMB is in Kazkommertsbank (a little bit higher than 16%)", - he noted.

Credits, suggested by Kazkommertsbank to clients of small and middle business sector, the source of financing of which is FDSM are given for the term up to 84 months.

"We consider that 70% - is very good rate for mastering of funds for 3 months, during which the given program is executed. Especially, considering season calm down in small business", - told the managing director of Kazkommertsbank JSC Beybit Aspenbetov. By his opinion, development of small business is subjected to season character - in winter less credits are taken, rather then in spring.

Mastering by banks of funds in full volume, by the words of Mr. Aspenbetov, is held by such factors as enough high cost of resources, extracted by government and limitations by volume of credit per one borrower. "Unfortunately, in Kazakhstan production business for today is hard to be started, having only 1 m. dollars", - Mr. Aspenbetov considers.

Financial resources in the frames of Caused floatation of funds are subjected to objects of SMB - LLP, IE, farms, while physical entities cannot  participate in this program. Not less than 51% of capital of SMB subject have to be in own privacy of residents of RK.

Those who wish to receive credit by given program have to obtain the stable business, existing from 3 to 12 months (depending form sum of loan) or starting business, with which participation of borrower in the project have to be not less than 30% from cost of project. Credit for one borrower by the program of FDSM cannot exceed 120,000 Monthly payment indicators (KZT140,160,000),and it has to be secured.