Terabank presented a comprehensive overview of its financial achievements in 2023, focusing on the strategic sector of small and medium-sized businesses. Notably, the bank continued its tradition of exhibiting positive trends in the small and medium business client segment with a 25% increase in the credit portfolio and an 8% rise in the deposit portfolio as compared to 2022. The number of business clients also surged by an impressive 22%. Throughout 2023, Terabank provided financial support to thousands of businesses across various sectors, notably in production, trade, education, and tourism, thereby significantly contributing to the country’s economic development.
Of particular significance is Terabank’s ongoing collaboration with state financing programs evidenced by its substantial 20% share in loans issued by the Enterprise Georgia agency. The success of these partnerships was bolstered by the introduction of new products, specifically preferential Start-up business and agricultural loans, designed explicitly for state financing programs. Noteworthy is the issuance of a total of GEL 6 million in start-up business and agricultural loans in 2023 with the project continuing to date.
In 2023, Terabank introduced another crucial product for small and medium-sized businesses – Tera Leasing. Developed in collaboration with Bizon.ge, this offering empowers entrepreneurs by providing them with the opportunity to purchase, lease and rent machinery and equipment tailored to their specific needs. Tera Leasing enhances access to essential business resources, facilitates enterprise retooling and brings businesses closer to modern standards.
Terabank continued its commitment to offering innovative, convenient, and flexible services to business clients. In pursuit of this objective, the bank became the first in Georgia to launch the Visa B2B Connect international settlement platform in 2023. This platform enables any business client to utilize cutting-edge, non-card-based, bank-to-bank messaging and settlement services, facilitating fast, secure, and flexible international payments in 107 countries.
Furthermore, Terabank implemented additional innovative initiatives to promote the development of small and medium-sized businesses over the course of 2023. The business digitization platform, Saasargeblo.ge, was specifically created for this segment, acting as a guide for business representatives. It aids in the seamless implementation of digitalization, introduces digital and innovative solutions, and enhances business processes with reduced costs and increased efficiency. Saasargeblo.ge hosted 2 B2B meetings in its inaugural year and is actively contributing to the development of the SaaS ecosystem with a memorandum of cooperation signed between Terabank and the Georgian Innovation and Technology Agency.
To further support businesses, Terabank initiated collaborations with international financial institutions, including the NASIRA guarantee program of the Development Bank of the Netherlands (FMO). This marked the first involvement from Georgia in this program with the program aiming to increase financial access for micro, small and medium businesses in the country. Supported by the European Union and the government of the Netherlands, NASIRA will assist Terabank in expanding lending to these enterprises with a particular focus on small farmers, women entrepreneurs and young entrepreneurs facing challenges in accessing finance. Additionally, Terabank’s commitment to fostering entrepreneurship is evident through its support of the Social Impact Award, an international program organized by Impact Hub Tbilisi. This initiative provides education and mentorship to young entrepreneurs in the field of social entrepreneurship.
In recognition of its outstanding contributions, Terabank’s business support initiatives received acclaim in 2023. The Tera Online Catalog for 100 Georgian Businesses project was honored at the Meliora 2022 competition of responsible business in Georgia, specifically in the category of “Conscientious Activity in the Market.” This initiative effectively supported and showcased the products and services of 100 Georgian small and medium-sized businesses through an online catalog on Facebook and Terabank’s website, facilitating easy access and contact for interested individuals.
On the global stage, Terabank received the Fastest Growing SME Bank Georgia 2023 award from the prestigious British publication Global Banking & Finance Review. Another important step taken by Terabank last year was the development of a new MSME strategy in collaboration with the European Investment Bank (EIB). This strategic initiative, aimed at enhancing competitiveness and fostering the development of the MSME sector, will continue to unfold with the implementation of innovative products and services in the coming year.
