Financial services to become more accessible for small and medium-sized businesses
Economy
President Shavkat Mirziyoyev was presented with proposals to expand financial support for small and medium-sized businesses and to increase the accessibility of financial services.
Developing entrepreneurship, increasing the share of small and medium-sized businesses in the economy, and expanding their access to financial resources are key areas of reform in the New Uzbekistan.
In recent years, a number of programs have been implemented in the sphere, and mechanisms for providing entrepreneurs with loans, compensation, guarantees, and other forms of financial support have been expanded. At the same time, it was noted that certain barriers to accessing financial services for small and medium-sized businesses still persist.
Currently, the loan portfolio allocated to small and medium-sized businesses amounts to 218 trillion soums, accounting for 12 percent of the country’s gross domestic product. However, the share of unsecured microloans issued online remains low, while the approval process for such loans takes an average of up to seven days. Entrepreneurs do not have the opportunity to receive offers from multiple banks in one place, compare them, and select the most suitable terms.
In this regard, the launch of a digital financial platform was proposed at the presentation. Through this platform, an entrepreneur will be able to apply for a loan, receive commercial offers from several banks, compare them, and choose the most convenient option.
The platform will be integrated with the digital databases of the Electronic Government system, enabling information on small and medium-sized businesses to be automatically transmitted to banks. This is expected to reduce paperwork, save time, and minimize the influence of the human factor in the loan review process.
Starting from December 1, 2026, the platform is expected to introduce an alternative scoring model incorporating elements of artificial intelligence.
While traditional scoring relies primarily on credit history, alternative scoring will take into account business activity, utility payments, turnover, tax records, and other digital data. This approach will make it possible to also evaluate entrepreneurs with no credit history, thereby expanding their access to financial services.
In the future, artificial intelligence technologies will also be used to generate recommendations for improving entrepreneurs’ credit histories, assessing potential risks, and supporting business development.
Commercial banks are likewise expected to launch an “AI Consultant” program designed to assist entrepreneurs in developing business ideas and identifying financing opportunities, taking into account the specialization and growth points of mahallas.
Additional preferences are also envisaged under the continuous support program for small businesses. In particular, for entrepreneurs who have previously received microloans under the program and demonstrated a positive credit history, the unsecured portion of microloans will be increased from 100 million to 200 million soums.
Furthermore, regardless of the size of the loan or lease, a portion of the interest expenses on amounts up to 5 billion soums will be compensated.
It was proposed to allocate annual grants of up to 300 million soums to 100 business entities that have expanded their operations and achieved strong performance results, to cover expenses related to digitalization, the implementation of international standards, and green technologies.
The Head of State approved the presented proposals and instructed the responsible officials to expand access to financial services for small and medium-sized businesses lacking a credit history, as well as to ensure the platform’s security and data protection.
In recent years, a number of programs have been implemented in the sphere, and mechanisms for providing entrepreneurs with loans, compensation, guarantees, and other forms of financial support have been expanded. At the same time, it was noted that certain barriers to accessing financial services for small and medium-sized businesses still persist.
Currently, the loan portfolio allocated to small and medium-sized businesses amounts to 218 trillion soums, accounting for 12 percent of the country’s gross domestic product. However, the share of unsecured microloans issued online remains low, while the approval process for such loans takes an average of up to seven days. Entrepreneurs do not have the opportunity to receive offers from multiple banks in one place, compare them, and select the most suitable terms.
In this regard, the launch of a digital financial platform was proposed at the presentation. Through this platform, an entrepreneur will be able to apply for a loan, receive commercial offers from several banks, compare them, and choose the most convenient option.
The platform will be integrated with the digital databases of the Electronic Government system, enabling information on small and medium-sized businesses to be automatically transmitted to banks. This is expected to reduce paperwork, save time, and minimize the influence of the human factor in the loan review process.
Starting from December 1, 2026, the platform is expected to introduce an alternative scoring model incorporating elements of artificial intelligence.
While traditional scoring relies primarily on credit history, alternative scoring will take into account business activity, utility payments, turnover, tax records, and other digital data. This approach will make it possible to also evaluate entrepreneurs with no credit history, thereby expanding their access to financial services.
In the future, artificial intelligence technologies will also be used to generate recommendations for improving entrepreneurs’ credit histories, assessing potential risks, and supporting business development.
Commercial banks are likewise expected to launch an “AI Consultant” program designed to assist entrepreneurs in developing business ideas and identifying financing opportunities, taking into account the specialization and growth points of mahallas.
Additional preferences are also envisaged under the continuous support program for small businesses. In particular, for entrepreneurs who have previously received microloans under the program and demonstrated a positive credit history, the unsecured portion of microloans will be increased from 100 million to 200 million soums.
Furthermore, regardless of the size of the loan or lease, a portion of the interest expenses on amounts up to 5 billion soums will be compensated.
It was proposed to allocate annual grants of up to 300 million soums to 100 business entities that have expanded their operations and achieved strong performance results, to cover expenses related to digitalization, the implementation of international standards, and green technologies.
The Head of State approved the presented proposals and instructed the responsible officials to expand access to financial services for small and medium-sized businesses lacking a credit history, as well as to ensure the platform’s security and data protection.
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