TIRANA, Oct 27 /ATA/ ALL 9 billion in loans has been disbursed by the banking system for startups during eight months of this year.
The data of the Bank of Albania show that, due to the COVID-19 pandemic, the loan portfolio for start-ups decreased by about 63% at the end of August, compared to the corresponding period of the previous year.
According to the BoA, during the lockdown period in March, April, May and June, the new flows of loans for business startups were zero, which proves that this product has been significantly affected by the crisis triggered by the COVID -19 pandemic. Meanwhile it has invigorated in the last month.
The Bank of Albania announces that unlike the trend of this product, the performance of credit to the economy and credit to business in particular, at the end of August, saw an increase of about 7.5%.
Meanwhile, loans for start-ups account for 2% of the bank loan portfolio in Albania. The current portfolio of banks is mainly related to new projects and ventures of existing businesses.
Microfinance, which mainly supports small business and agribusiness, is an added value to the loan portfolio for startups.
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