Tashkent, Uzbekistan (UzDaily.uz) — Uzbekistan's Central Bank has developed a 2026–2030 Concept for Supporting Small and Medium-Sized Businesses that includes 25 initiatives to expand entrepreneurs' access to financing. One of its targets is to enable banks to issue online microloans in an average of one hour by 2030, with such loans accounting for 60% of all microloans, the Central Bank of the Republic of Uzbekistan said.
The concept aims to double the current 218 trillion soum loan portfolio for small and medium-sized businesses (SMEs) by 2030.
The ratio of SME loans to gross domestic product is expected to rise from 12% to 20%, while the share of non-bank credit institutions in total lending is targeted to increase from 1.7% to 5%.
The share of state-owned financial institutions in SME lending is planned to fall from 73% to 65%, or to 55% if a major state-owned bank is privatised.
The proportion of SMEs covered by reliable, transparent data available to credit institutions, measured by credit bureau coverage, is expected to increase from 68% to 80%.
The concept is being adopted as a pilot document and will be reviewed annually based on monitoring of target indicators, implementation of initiatives and consultations with market participants and experts.
According to World Bank data cited in the document, only 10% of small enterprises and 16% of medium-sized enterprises used credit in 2025. Just 24% of SMEs have active credit accounts, while 68% are registered with a credit bureau. The World Bank estimates that around 30% of SME sales take place electronically.
The document notes that SMEs account for more than half of Uzbekistan's GDP and approximately three-quarters of employment.
According to the National Statistics Committee, as of 1 January 2026, small enterprises and microfirms accounted for 403,800, or 85%, of the country's 474,900 active enterprises and organisations.
As of 1 July 2026, the total number of small businesses, including individual entrepreneurs, dehkan farms and artisans, had reached 1.2361 million.
In the first half of 2026, small businesses generated 50.5% of GDP, equivalent to 518.7 trillion soums in value added. A further 44,000 small enterprises and microfirms were established during the six-month period.
SME exports totalled US$7.48 billion during the first half of 2026, accounting for 47.2% of Uzbekistan's total exports. Imports reached US$13 billion, or 51.8% of the national total. In 2025, the sector employed around 74% of the workforce, or approximately 10.5 million people.
As of 1 July 2026, banks' total loan portfolio stood at 642.8 trillion soums, including 407 trillion soums in loans to legal entities.
SMEs accounted for 36% of banks' combined loan portfolios and 34% of loans issued. In 2026, 140 trillion soums in credit resources are earmarked for SME support under a presidential directive.
The concept includes 17 institutional initiatives, the largest of its three groups of measures.
The Business Development Bank is planned to undergo a transformation that would bring long-term SME financing, the mobilisation of resources from international financial institutions and the distribution of targeted funds through financial intermediaries into a single system.
The concept proposes establishing a financial ombudsman to resolve disputes between financial institutions and entrepreneurs before they reach court. The ombudsman's remit would cover not only individuals but also micro and small businesses.
Banks are also expected to be permitted to provide accounting, tax, legal and consulting services.
According to the Central Bank, a significant proportion of loan rejections involving micro and small businesses stems not from the economic unviability of their projects but from inadequate project preparation.
The concept also provides for the development of a methodological framework for Islamic finance. Islamic financial products would initially be introduced through pilot banks, including dedicated Islamic finance windows within existing banks, before the range of licensed providers is expanded.
Tax neutrality will be addressed separately to prevent double taxation in transactions involving successive transfers of ownership.
The plan includes introducing a counter-guarantee system. According to the document, following the President's open dialogue with entrepreneurs on 18 August 2026, businesses seeking loans of up to 10 billion soums need to provide collateral worth just 25% of the loan amount.
Exporters operating through overseas trading houses, consignment warehouses and distribution networks may be allowed to repatriate export proceeds within the time limits specified in their contracts, replacing the current 180-calendar-day deadline.
Other proposed measures include establishing a National Hedging Company to manage currency risks and launching a programme called "2,000 Exporting Enterprises" for medium-sized businesses.
Additional institutional initiatives include expanding the funding base of microfinance organisations through an Apex fund and guarantee products, operating the Central Bank's innovation hub, publishing quarterly analytical reports on SMEs and allowing collateral values agreed by the parties to serve as starting prices at auctions.
Five infrastructure initiatives are intended to reduce information asymmetry in SME lending.
These include a centralised digital platform for selling collateral and distressed assets, a unified online notification register for movable property and the automatic removal of encumbrances once loans have been repaid.
The concept also предусматривает the introduction of post-loan monitoring and early-warning systems, Open Banking and credit-scoring models based on alternative data, including tax, payment, trade and utility records.
Borrowers will be able to obtain explanations for loan rejections. A digital marketplace will also be developed to allow entrepreneurs to compare loans and other financial products offered by banks and non-bank institutions.
Three product-related initiatives focus on developing pre-export financing, expanding the range of financial products and supporting international factoring.
In particular, a guarantee organisation is being established under JSC Trade Development Company to provide guarantees for international factoring services of up to 10 billion soums, covering no more than 50% of the factoring value.
Until 1 January 2029, the company will reimburse 50% of the discount or accrued interest, subject to a maximum of four percentage points per year.
In preparing the concept, the Central Bank studied the experience of Germany's KfW, British Business Bank, India's SIDBI and South Korea's Credit Guarantee Fund (KODIT).
