Since 2018, Kazakhstan has been implementing the "Economy of Simple Things" program. In 2023, the fifth package of amendments was introduced, which resulted from close cooperation between the government and the business community.
The program is a testament to the country's adaptation to new external economic conditions. Instead of purchasing foreign goods, the government focused on creating conditions for the development of local businesses and the production of domestic products. For this purpose, 600 billion tenge was allocated. The program sets ambitious goals: to reduce the share of imports by 15% and to increase the production of local goods by 20%.
The "Economy of Simple Things" program is being implemented with the support of the Samruk-Kazyna Investment Fund.
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The "Economy of Simple Things" is a state program that allows entrepreneurs to obtain preferential loans to develop their businesses. In essence, the program addresses two key objectives:
The project is not aimed at just any goods and services but specifically at those that are in daily demand by Kazakhstan's citizens yet do not require large-scale global financing. These goods and services are collectively referred to as "simple things." The list of goods under the "Economy of Simple Things" program includes clothing and footwear, food, and building materials. Additionally, essential services like the construction of social facilities—such as schools, kindergartens, and more—are included.
Companies of various sizes—from small businesses to large enterprises—working in priority sectors (such as the production of food products, industrial goods, agricultural products, etc.) are eligible for preferential lending. However, companies must meet specific requirements:
The program operates in two directions. First, entrepreneurs can obtain loans at a minimal interest rate. Second, the program offers subsidies. In other words, one part of the interest is paid by the entrepreneur, while the other part, equal to the paid portion, is covered by the state.
Let's consider a specific example. Many banks offer business loans at a rate of 21.25%. Of this, 13.25% is paid by the state, and the remaining 8% is covered by the entrepreneur.
Loan funds can be used to effectively address the tasks facing the business. An entrepreneur can:
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The maximum financing limit cannot exceed 5 billion tenge, with the loan amount determined based on the borrower's needs and the bank's analysis of their creditworthiness.
The interest rate consists of several components: the base rate set by the National Bank of Kazakhstan plus 4.5%. As mentioned earlier, the entrepreneur only pays 8% of the interest, while the state covers the remaining 13.25%.
Subsidies are provided for up to 5 years (if the loan is for investment purposes). For working capital loans, the subsidy period is limited to 3 years.
There are basic and additional requirements.
The basic requirement is that within two years of using the loan, the entrepreneur must improve the economic performance of their business: they need to increase profits by 10% and either raise employee wages or expand their workforce.
There are also 6 additional requirements:
Step 1: The entrepreneur submits an application to the bank.
Step 2: The bank provides the entrepreneur with a written response confirming their willingness to issue a preferential loan.
Step 3: The entrepreneur submits an application to the Damu Fund. This can be done online via the official Fund website or through the e-government portal Egov.kz.
Step 4: The entrepreneur waits for the Fund's decision.
Step 5: If the decision is favorable, the entrepreneur signs an agreement with both the Fund and the bank.
The following cannot apply for preferential loans:
The "Economy of Simple Things" program is an excellent opportunity for business development. However, entrepreneurs should remember that the project requires the funds to be used exclusively for their intended purpose. This means that loan funds can only be spent on the items listed in the business plan, and all expenses must be supported by invoices and receipts—this is important for auditing. If the entrepreneur misuses the funds, the subsidy will be canceled, and the entrepreneur will have to reimburse the state for the expenses.
This article has been translated from its original language using neural network-based translation technology.
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