New BSTDB Facility to Support Small Business Development in Armenia

News | 07-Jul-2016

The Black Sea Trade and Development Bank (BSTDB) extended a USD 10 million loan to the Armenian Ardshinbank. The proceeds of the loan will help promote the development of small- to medium-sized enterprises (SMEs), a key business sector of the Armenian economy.

This is the second loan for SME financing extended by BSTDB to Ardshinbank, after the successful utilization of the first USD 10 million provided in November 2014.

The loan builds up on the successful cooperation between the two banks since 2012, when BSTDB extended a loan for mortgage financing to Ardshinbank.

Established in 2002, Ardshinbank is the second largest bank in Armenia and has a large distribution network with over 56 branches all over the country and a strong SME customer base.