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BUSINESS
GEORGIA TODAY
MARCH 11 - 17, 2022
Successful 2021 - terabank Summarizes Small and Medium Business duction and the tourism industry. Up to 10% of the total number of loans issued by the Agency comes from terabank which is a very good result. As I have already mentioned, we worked intensively on agro loans, thus being actively involved in the development of agriculture. The total loan portfolio issued to the agricultural sector is 78 million GEL.
WHAT MADE 2021 STAND OUT IN TERMS OF PRODUCTS AND SERVICES OFFERED TO BUSINESS CUSTOMERS? Last year, we offered our business customers important news in this regard as well. For example, I can name the support for the digitization of small and medium business activities which we focused on. It is this support that has made it possible for them to offer an electronic payment system as a separate product. In addition, we have launched a universal cash in & out ATM for business clients which allows you to deposit and withdraw large amounts of money at any time.
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mall and medium business is a strategic segment of terabank and its promotion is one of the most important priorities. That is why the bank is constantly offering new products and various supporting initiatives to small and medium businesses. A few days ago, the bank released the successful performance figures for its SME portfolio for 2021 as well as its supporting projects and results. Konstantine Makatsaria, Head of terabank's Micro, Small and Medium Business Manage-
ment Department, talks about them in detail now.
AS MENTIONED IN THE PUBLISHED RESULTS, TERABANK HAS SHOWN A POSITIVE GROWTH IN THE FIELD OF SMALL AND MEDIUM BUSINESSES. WHAT CAN YOU TELL US ABOUT THE SPECIFIC INDICATORS? First of all, I should mention that last year showed tangible results for us in terms of small and medium-sized busi-
nesses. The financing rate for the segment increased: the loan and deposit portfolio - by 17% and the number of borrowers - by 26%. Speaking about the results, it is especially noteworthy that terabank's loan portfolio expanded in terms of public funding programs last year. I mean, the Produce in Georgia program of the Rural Development Agency. For example, within the framework of the Agency's Produce in Georgia initiatives, we financed 50 businesses in various fields, including representatives of local pro-
BANK SUPPORT FOR BUSINESSES IS OF PARTICULAR IMPORTANCE, ESPECIALLY DURING A PANDEMIC. SUCH SUPPORTING INITIATIVES HAVE BEEN A MAJOR PART OF TERABANK'S CORPORATE SOCIAL RESPONSIBILITY IN RECENT YEARS. HOW WOULD YOU ASSESS 2021 IN THIS REGARD? Last year, we made one of the main focuses on sharing information and knowledge. To this end, we held information meetings and introduced our products and services to business cus-
tomers who operate in different regions of the country. It should be noted that a significant part of these meetings was dedicated to the detailed presentation of the initiatives of the Rural Development Agency’s Produce in Georgia program, financing opportunities and preferential business loans. At the same time, we highlighted the importance of sharing knowledge with business customers. We conducted webinars on various topics, including the perspective of agro-tourism in Georgia and tourism during the pandemic, business digitization, branding, information security, etc. The year 2021 turned out to be especially important as terabank's business support direction gained special recognition. The terabank for Business Support project, in which we concentrate a significant effort, won the Meliora Award in the responsible business competition of Georgia. We won one of the top categories - Support for Small Business and Affected Sectors During the COVID-19 Pandemic. A very important project which we implemented in 2020 was to provide a gift package of services tailored to the needs of 50 of terabank’s business customers. This brought real and tangible results to small and medium-sized businesses.
WHAT WILL BE THE MAIN POINTS YOU WILL FOCUS ON IN THE PROCESS OF SUPPORTING SMALL AND MEDIUM-SIZED BUSINESSES THIS YEAR? Support for small and medium-sized businesses will again be one of the priorities for terabank for 2022. The main emphasis will continue to be on the development of digital products and services, knowledge sharing and the promotion of business development.
UNDP Support Women Entrepreneurs and Business Leaders to delegate it to someone else. UNDP welcomes our growing cooperation with the private sector that empowers women to determine their careers and their place in society,” Spoljaric Egger said. Nick Beresford, UNDP Resident Representative in Georgia, and Zurab Masurashvili, Bank of Georgia’s Deputy CEO, attended the event in Tbilisi. “The Bank of Georgia moves forward to support women in business. The
The Women Entrepreneurs’ Program will draw on the resources made available by the Bank of Georgia, UNDP and the Government of Sweden. Photo by Leli Blagonravova/UNDP
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he United Nations Development Program (UNDP) and the Bank of Georgia mid-February signed a Memorandum of Understanding to support the up-and-coming generation of women business leaders. This unprecedented partnership is expected to create game-changing opportunities for over 200 women-led startups and growing companies across the country. The Women Entrepreneurs’ School to be established under this collaboration offers proven business development models to help women identify their best prospects and build effective strategies to achieve their business goals. This unique approach, known as 360-Degree Business Development Support, creates a blueprint for new entrepreneurs, assist-
ing them in four main areas: gaining theoretical knowledge, learning practical tools, accessing financial resources, and building a strong cooperation network. The Women Entrepreneurs’ School draws on the resources made available by the Bank of Georgia, the Government of Sweden and UNDP’s Rapid Financial Facility under the UN Joint Programme for Gender Equality. Mirjana Spoljaric Egger, UNDP Assistant Administrator and Director of the Regional Bureau for Europe and Central Asia, joined the event online from the UNDP headquarters in New York to inaugurate the agreement. “Closing the gender gap has become a business imperative. While the problem is complex and the solutions are many, the most critical step is to help women realise that their future is too important
Closing the gender gap has become a business imperative. The problem is complex, the solutions many, but the most critical step is to help women realise their future is too important to delegate to someone else
‘Women Entrepreneurs’ School’ draws on our partnership with UNDP and on the assessment of women’s needs in entering business activities,” Masurashvili said. “Our joint work in this project will focus on four main directions that include education, support and coaching, practical experience and networking. We are convinced that this initiative will play an important role in empowering and supporting Georgian women entrepreneurs.” “At UNDP, we believe that the empowerment of women makes the economy more sustainable, people wealthier and gender equality stronger. The Women Entrepreneurs’ School is expected to have a rising tide effect, inspire the establishment of successful business ventures and pave the path to greater social and economic prosperity,” Beresford said. Even though women-led enterprises
are one of the fast-growing segments in Georgia, the business sector is still dominated by men. Only 29% of enterprises registered in 2019 were led by women, while the number of women-led businesses decreased slightly between 2017 and 2019. The National Statistics Office reports that 59.5% of Georgian women are outside the labor force. According to the World Bank, such a gender gap in the labor market costs Georgia around 11% of its Gross Domestic Product per capita. [Source: Women in Business, 2021. Economic Policy Research Center] Through their Women Entrepreneurs’ School, UNDP and the Bank of Georgia are on a mission to address these complex issues, support women entrepreneurs in the early stages of their business ventures and partner with them in their life-changing work.
UNDP Head in Georgia Nick Beresford and Bank of Georgia’s Deputy CEO Zurab Masurashvili signed an agreement in Tbilisi. Photo by Leli Blagonravova/UNDP
