Tashkent, Uzbekistan (UzDaily.com) -- Uzbekistan is planning to increase share of small business and private entrepreneurship in gross domestic product (GDP) from 52.5% in 2010 to 54% in 2011.

The commercial banks will also make their contribution to achieve this goal. The Central Bank of Uzbekistan said that the banks will adopt measures to expand access of small and private businesses to credit and financial resources in 2011.

In particular, it is planned to increase the volume of issued loans to this sector by 1.3 times to 3.6 trillion soums.

This shows significant growth of crediting of small and private businesses, first of all long-term credits to investment purposes, forming of start-up capital and expanding microcrediting.

The Central Bank said that each branch of commercial banks will create rooms for businesses, which will consult businesses with their products and latest development, help in implementation of business projects.

Besides, the commercial banks will provide information through their website. Currently, entrepreneurs can receive business information on banking services through these sites, the regulator stated.

The banking sector also adopts stimulating measures to support small businesses through announcing tenders for preferential financing of perspective business projects in various parts of Uzbekistan.

Currently, to develop small businesses and private entrepreneurship, the commercial banks are planning to direct their resources:

• to investment purposes for modernization and technological update of production, organization of modern high-technological, innovative production, as well as filling start-up capital and turnover capital (1.2 times up year-on-year);
• to purchase mini-technologies and compact equipment by farmers and businesses, as well as render leasing services (1.5 times up year-on-year);
• to purchase equipment, raw materials and materials, render factoring services to businesses, which produce consumer goods (1.2 times up year-on-year).

The banks also are planning to increase the volume of preferential crediting. In 2011, it is planned to increase preferential crediting of graduates professional colleges to create their own business (2.5 times up year-on-year), and expand allocation of preferential loans for small and private businesses in remote areas (1.3 times up year-on-year).

The commercial will direct funds to Employment Fund, which will be used to develop family business, workout and craftsmanship in rural areas.

It is worth to mention that non-commercial credit organizations are adopting measures to increase the volume of allocated microloans by 1.2 times in 2011.

The banks are actively working on attracting preferential credit lines and grants to perspective projects of small and private businesses.

It is necessary that the commercial banks and Uzbekistan Banking Association will create Project Financing Fund, which will decrease expenses of small businesses to develop business-plans. At the same time, the fund’s main task will be preparation of project documentation on investment projects, as well as attracting funds for their implementation.

The commercial banks, actively participating in financing of small and private business projects, will contribute to improve population life standard, create new jobs and ensure employment.