In 2024, small and medium-sized enterprises (SMEs) accounted for 96.2% of all enterprises in Kazakhstan. The share of employed in SMEs was 48.0% of the total employed population. The share of small and medium-sized businesses in the country's GDP in 2024 was 39.3%.
In 2017–2019, the outstanding SME loan portfolio decreased from KZT 2 789 billion (2017) to KZT 2 109 billion (2019). After 2019, outstanding SME loans grew strongly, reaching KZT 7 796 billion in 2023 and KZT 9 343 billion in 2024. This corresponds to a 19.8% growth in the outstanding SME loan portfolio between 2023 and 2024. Over the same period, new SME lending increased from KZT 8 919 billion (2023) to KZT 10 837 billion (2024) (about +21.5% year-on-year). The share of SME outstanding loans in total outstanding business loans increased from 59.43% (2023) to 61.14% (2024). The share of new SME lending in total new business lending increased from 55.85% (2023) to 57.27% (2024). This positive development is largely due to significant improvements in the operating environment, new product offerings, as well as the development of digital channels and ecosystems.
The interest rate on loans for SMEs fluctuated during the reporting period, gradually increasing from a record low of 11.5% in 2014 to 14.0% in 2016. In 2024, the rate was 20.0%, while the rate on loans to large enterprises was 17.4%. This increase is due to an increase in the base rate by the National Bank of the Republic of Kazakhstan.
Among non-bank sources of financing, leasing and hire purchases occupied the largest place in the market and gradually increased. In 2024, the volume of leasing increased by 18% compared to 2023.The development of leasing and the growth of its indicators are due to several reasons. Firstly, many industrial, transport, and especially agricultural enterprises have a growing need to upgrade and expand their fleet of machinery and equipment. Secondly, due to the inability of a significant part of industrial enterprises to accumulate their own funds. Thirdly, due to the lack of collateral in many enterprises. In addition, to reduce the risk of loan non-repayment, banks are tightening loan issuance procedures. The procedure for making lease payments is one of the advantages of leasing transactions. The contract can optimally take into account the interests of all parties to the transaction, since the amount and timing of payments are determined on the basis of a joint agreement.
The share of overdue loans with a maturity of more than 90 days (NPL) in bank portfolios of business loans and loans for SMEs decreased in 2024 from 3.3% to 2.8%. Commercial banks comply with the requirements of the National Bank of Kazakhstan regarding the maximum allowable level of problem loans, which should not exceed more than 10% of the loan portfolio.
The government plays an important role in ensuring access to loans for small and medium-sized businesses, placing funds in commercial banks to provide preferential loans to SMEs during a period of liquidity shortage in the market. The largest amount of funds provided by the government for SMEs occurred in 2018. The main part of the loans are funds allocated in 2014-2016 to support SMEs in the manufacturing industry at a rate of 6% per annum, which are issued by banks on a renewable basis.
Since 2010, the state, with the help of the Damu Entrepreneurship Development Fund, has been providing subsidized interest rates and loan guarantees for SMEs under a single comprehensive program (previously the state program "Business Roadmap 2025", the National Entrepreneurship Development Project for 2021-2025). Loan guarantees gained popularity very quickly. At the same time, as of 01.01.2011, 3 surety agreements were concluded, whereas as of 01.01.2025, 71 262 agreements were concluded.