Lending to the self-employed increased 28% in 2017, reaching record ALL3.2bln

Loans to self-employed individuals have reached ALL 3.2 billion this year.

According to data from the Albanian Association of Banks, the lending to the self-employed is growing considerably this year, following the overall trend of lending to individuals.

At the end of September, the total of loans to self-employed increased by 28% since the beginning of the year.

Although it has a modest weight against the total lending to the economy, with 0.6% of the total portfolio, the self-employed lending is among the fastest growing segments for this year.

This trend reflects the growing interest of banks to credit individuals and the segment of retail sales as a whole.

The highest pressure on formalization by the state administration in recent years is also a factor that gives the self-employed a higher access to crediting.

The growth of the number of the self-employed in recent years has expanded the market base.

After the increase in the personal income tax, many individuals, mostly service professionals, formally detached from their jobs in companies and registered as self-employed.

This contingent has increased the demand and as a consequence even lending to the category of self-employed.

SCAN

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