Banks have become indispensable for business start-ups loans

Banks have become indispensable for business start-ups loans
To start a private business in Albania seems to be an incentive which first requires someone to “knock” on the bank’s doors, as it needs an initial capital which can be issued by the bank in the form of a loan. According to the latest official data, in Albania there’s a growing number of business start-up loans.

So, the Bank of Albania says that this year, there’s a significant number of loans issued by the banking system in general, in both the domestic currency, lek and also foreign currency, euros or US dollars, in order to serve such purpose. Figures indicate that there’s an increase of this number especially in the month of June 2017, an election month.

During this month, commercial banks in the country were more lenient in offering loans to individuals interested on starting a private activity. As far as loans issued in the European currency are concerned, for this month, they amounted to 1.1 billion euros. Meanwhile, for the same period, loans issued in the domestic currency were 28.316 million lek. This shows that banks were eager to help in starting up new businesses in the country, during a period of growing optimism such as it was the case during the election campaign for the general parliamentary elections that were held on 25 June 2017, following a political crisis which lasted several months. Meanwhile, there has also been an increase in the amount of investments that existing businesses have made. For the month of June, this amount was 175 million euros.

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