Survey: 27% of entrepreneurs need loan deferment

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The Atameken NCE RK has launched a business community survey to identify common problems and consolidate proposals. This information will help the Atameken NCE RK to develop and propose to the Government of Kazakhstan the most effective measures to minimize the damage to the Kazakhstani business.

Since March 12, more than 3,000 entrepreneurs have applied to Atameken through various channels (survey, call center, social networks, regional chambers). The majority of those who applied (86%) are small and micro-businesses. 69% of those surveyed work in the service sector (in particular, 25% - tourism).

What kind of difficulties do entrepreneurs face due to the state of emergency?

Unfortunately, 52% of entrepreneurs stated that they have to violate contractual obligations in connection with the spread of coronavirus. Entrepreneurs complain that they are faced with penalties for failure to fulfill these obligations.

Almost everybody has a decline in demand and, consequently, the turnover of the company, but there are still fixed costs. 34% of applicants cite "rental of premises" as the most significant fixed cost item. Almost everybody suffers from a decline in demand and, consequently, in the turnover of the company, but there remain fixed expenses. 34% of respondents cite "rental of premises" as the most significant fixed cost item. 30% consider payroll to be the most significant fixed cost item, while 13% consider utility services to be the most important.

Many entrepreneurs ask questions about personnel. We would like to remind that it is recommended to transfer employees to the home office regime and if this is not possible, to organize vacations due to downtime. Payment for downtime is regulated by an agreement between the employee and the employer, but should not be lower than the minimum wage.

34% of applicants consider taking downtime leave, while 19% said that the staff would work part-time.

What measures do entrepreneurs expect to take to minimize the damage?

About 30% of business representatives believe that tax breaks will be a tangible measure of support. 27% believe that this will be a delay on credit obligations, 23% - recognition of the situation as force majeure, 20% require the support of the company's human resources.

In the current situation, Atameken is taking the following measures to minimize the damage to the business:

- Firstly, since March 16, the National Chamber of Commerce starts consultations with the Association of Financiers of Kazakhstan (AFK) and second-tier banks regarding the possibility of deferrals or other exemptions on loan obligations;

- Secondly, the results of the survey will be submitted to the Ministry of National Economy, which will accumulate information on the economic impact of the pandemic. The National Chamber will recommend a measure such as compensation for private company employees during forced downtime;

- also in view of the fact that tax holidays are already in force for small and micro businesses, the National Chamber is discussing the possibility of introducing tax breaks for medium-sized businesses.

We would like to remind you that the Atameken NCE RK continues to work on collecting and analyzing information to develop together with the Government the most effective measures to minimize damage to the business. It is expected that on March 17 the first decisions will be announced at the Government meeting.

The Operational Headquarters of the Atameken NCE RK operates, any Kazakh entrepreneur can contact Call-Center 1432, if his/her business has suffered from the state of emergency, declared in Kazakhstan as a measure against the spread of coronavirus. You can also fill in an online survey here.