IDBank – supporting SMEs

PanARMENIAN.Net - On April 2, representatives of IDBank participated in a conference-event titled “Financing Opportunities and Prospects for the SME Sector” held at Voskevaz Winery.

Daniel Azatyan, President of the Union of Banks of Armenia, summarized the 2024 data: "The total amount of loans issued by banks is 6.4 trillion, of which 3.1 trillion are loans issued to businesses, and exactly half of that – to SMEs. This figure is not bad, but the more it is, the more beneficial it is for both parties.”

In Armenia, the relationship between SMEs and banks is becoming more reliable and stronger year by year, without which it is impossible to imagine the birth of new businesses.

According to the Chairman of the Central Bank of Armenia, Martin Galstyan, the mission of banks is not only to provide financial resources, but also to cooperate with businesses and help them become more competitive: "By cooperating with each other, both banks benefit—by understanding the essence of business—and businesses benefit, because the capabilities of banks are incomparably greater," said Martin Galstyan.

Fast, flexible, reliable—supporting small and medium-sized businesses is one of the key pillars of IDBank's financial policy. The bank constantly brings innovations to make transforming ideas into businesses even more feasible.

Aghvan Abrahamyan, Head of SME Retail Network Development Department at IDBank, stated that the bank has a number of financial solutions tailored for small and medium enterprises, enabling business growth and customer expansion, while simplifying business processes and minimizing paperwork and waiting times.

"In particular, the best tools for small and medium businesses are QR payments, the Rocket Line digital installment with a 0% option, IDBank's business cards and payroll projects with expanded benefits for companies, and business loans with simplified approval and provision processes," said Aghvan Abrahamyan.

The bank is supervised by the CBA