Commercial banks and microfinance organizations offer services related to microcrediting and microleasing. The biggest supplier ofmicrocredit and microleasing services in the country is Microcreditbank JSC, created with the Decree of the President of Uzbekistandated 5 May, 2006. Today Microcreditbank has extensive financial infrastructure in all regions of Uzbekistan, which consists of 82branches and minibanks. Bank's authorized funds amount to 150 billion soums.
Microloans are issued both under collateral and trust. Main form of microcredit collateral is property. The object of collateral can beany property including items and property-related rights (requirements) according to the Law on Collateral of Uzbekistan.
*) Only legal entities with flawless financial reputation can be guarantors. Trust-based microcredits can be offered only to the borrowers with good credit history, who have made timely payments on three loans taken earlier. In making the loan on the basis of trust, the borrowers open mandatory savings account in the amount up to 20% of the loan as the pledge of future payments, and the bank accrues interest thereon.
*) Only those legal entities with flawless reputation can be guarantors. Source:www.mkb.uz
In order to determine the liquidity of the property including the collateralized ones, its market value is assessed to determine the mostplausible price, based on which the object of assessment can be sold off in an open competitive market. Furthermore, according tothe legislation, some real estate transactions require independent assessment of the object f trasnaction.
Institutions with respective license for assessment works conduct independent assessment of property. Today over 110 assessmentorganizations operating in all regions of the country have this license (the list of assessment organizations is available on the website-http://www.gkilicenz.uz/). The cost of assessment services is determined based on the condition of the site and complexity of technical works.