Why is this important
Small and medium-sized businesses remain one of the main drivers of employment and economic growth in Uzbekistan, but entrepreneurs’ access to financing is still limited by lengthy procedures and bank requirements. The introduction of a digital platform and alternative scoring mechanisms should simplify access to loans for companies without a credit history and reduce dependence on collateral. At the same time, the authorities are focusing on the use of artificial intelligence and digital data to expand financial services, accelerate application processing, and strengthen competition among banks.
What happened
- Shavkat Mirziyoyev reviewed a presentation on proposals aimed at expanding financial support for small and medium-sized businesses and improving the accessibility of financial services.
- During the presentation, measures were introduced to launch a digital financial platform for entrepreneurs, implement alternative scoring systems with elements of artificial intelligence, expand preferential lending programs, and allocate new grants for businesses.
- The president approved the proposed initiatives and instructed officials to expand access to financial services for entrepreneurs without a credit history, as well as to ensure platform security and data protection.
Numbers and facts
- Currently, the loan portfolio allocated to small and medium-sized businesses amounts to 218 trillion soums, which is equal to 12 percent of the country’s gross domestic product.
- At the same time, the process of issuing unsecured microloans online takes an average of up to seven days, while the share of such loans remains low.
- During the presentation, it was proposed to create a digital financial platform through which entrepreneurs will be able to apply for loans, receive offers from several banks simultaneously, compare conditions, and select the most suitable option.
- The platform will be integrated with the databases of the “Electronic Government” system, allowing information about entrepreneurs to be automatically transferred to banks without additional paperwork.
- Starting from December 1, 2026, the platform is expected to introduce an alternative scoring model using artificial intelligence.
- In addition to credit history, the system will also consider the entrepreneur’s business activity, utility payments, tax information, turnover, and other digital indicators.
- For entrepreneurs who have previously received microloans under the Continuous Small Business Support Program and have a positive credit history, the unsecured portion of microloans will be increased from 100 million to 200 million soums.
- In addition, regardless of the amount of the loan or lease agreement, it is planned to compensate part of the interest expenses on loans of up to 5 billion soums.
- It was also proposed to allocate annual grants of up to 300 million soums to 100 entrepreneurs who have expanded their activities and achieved high performance. These funds may be directed toward digitalization, the implementation of international standards, and “green” technologies.
Context
- For small businesses, the new measures may simplify access to loans, especially for entrepreneurs without collateral or a complete credit history.
- The ability to compare offers from multiple banks through a single platform should reduce the time required to search for financing and increase competition among financial institutions.
- Banks will gain access to more digital data for evaluating borrowers and may make broader use of automated solutions when reviewing applications.
- At the same time, the introduction of alternative scoring systems and AI-based tools demonstrates that the authorities are gradually transforming the business support system into a more digital and technology-oriented format.
- The expansion of unsecured lending limits and the launch of grant programs will create additional incentives for small businesses to invest in development, digitalization, and the introduction of new technologies.
