To facilitate access to capital for Kyrgyz SMEs, MicroVest has invested in Salym Finance, a licensed, deposit-taking Non-Bank Financial Credit Organization (NBFCO). The $2.5 million investment will help Salym expand access to financial services for more underserved SMEs in a country where almost a quarter of the population lives below the national poverty line (ADB 2019).
Founded in 2007, Salym Finance offers agriculture, business, housing, and consumer loans that support the development and growth of its borrowers’ businesses, many of whom reside in rural areas. As the only deposit-taking microfinance institution in the Kyrgyz Republic, the company prides itself on offering some of the lowest interest rates among all NBFCOs in the country. Salym achieved its SMART certification in 2019 for its strong consumer protection principles, with products designed to meet the needs and financial circumstances of its customers to prevent excessive consumer debt.
This is MicroVest’s second loan cycle with the company.