Converse Bank Offers Short-Term Bridge Loan for SMEs

ArmInfo.Converse Bank offers a  short-term loan "Bridge" for SMEs.  As ArmInfo explained to the press  service of the bank, this product allows small and medium-sized  businesses operating in various fields to receive one-year loans to  replenish working capital or to plan funding for short-term  liquidity.

This loan is provided both in drams, and in dollars and  euros."Credit Bridge" is one of the best instruments for short-term  financing for small and medium-sized enterprises, which differs from  similar offers on the market, first of all, in flexibility. It allows  the client to plan income and, accordingly, choose the maturity  date,"the report says.According to the source, the shorter the  repayment period, the lower the interest rate. Namely, in the case of  full repayment of the amount in the first quarter, the annual  interest rate is 10% with a dram loan, 6.5% with a dollar loan and 5%  with a euro loan. After crediting, if the client wishes, the  repayment period can be extended up to 48 months.At the initial stage  of crediting, a visit to Converse Bank is not required. The necessary  consultations are provided by the Bank's employees during their visit  to a client representative of SMEs.For more information on the terms  of the "Bridge" loan, please visit the Converse Bank website at:   https://www.conversebank.am/en/BRIDGELOAN/

According to the data of the Financial Rating of Banks of Armenia as  of January 1, 2019, prepared by ArmInfo IC, Converse Bank is in the  scope of agrocredits in TOP-5 - 10.1 billion drams or $ 20.9 million,  with an annual growth of 44.3%. In terms of the annual growth of  agricultural lending, Converse Bank occupies the 3rd position. In the  loan portfolio of the Bank, agrocredits account for 5%. In the total  loans to agriculture in the market, the share of Converse Bank is 6%.  According to the Financial Rating of Banks of Armenia, as of January  1, 2019, prepared by ArmInfo Investment Company, the Converse Bank  portfolio on lending to SMEs reached 35.4 billion drams or $ 73.2  million, with an annual growth of 46.2%. The rate of annual growth in  lending to SMEs Converse Bank is in the TOP-3. In the loan portfolio  of the Bank, loans to SMEs account for about 18%. In total loans in  the SME market area, Converse Bank's share is 5%.It should be noted  that Converse Bank has been operating in the Armenian market since  September 1996. As of January 1, 2019, the Bank's shareholders are  Advanced Global Investments LLc (led by Eduardo Ernekian) - 80.94%,  HayPost Trust Management B.V. - 14.06%, Ecumiadzin Cathedral - 5%.