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funding gap emerging markets

Renesans 3

  • Renesans
  • Invest in microfinance
  • + 647 other investors
  • In 1998, entrepreneur Raxatay began her traditional clothing business from home. She secured a loan from Renesans to rent a space near the central market in Tashkent, Uzbekistan. Today, she owns multiple shops and employs 20 women as seamstresses and shop assistants. Your investment can empower 210 entrepreneurs like her.

    24 months
    6 months
    Maturity24 months
    Repayments6 months
      Fully funded in 15 days on 24 January 2024.

      The project

      Please note: 1st principal repayment after 12 months instead of 6 months. However, the interest payments start after 6 months.

      Uzbekistan, located in Central Asia, has undergone significant economic changes in recent years. Once closed to foreign investments, the nation is now opening its doors for trade and business. Within this evolving landscape, Renesans plays a crucial role, specifically targeting underserved entrepreneurs in rural regions. The institution focuses on providing financial assistance to small businesses, addressing a gap that traditional banks have often neglected.

      The impact of Renesans can be seen through the journey of shop owner Raxatay. She began her venture with traditional clothing from her home in 1998. With the support of a loan from Renesans, she was able to rent a location near the central market in the capital city Tashkent. Today, her traditional clothing business has grown into a venture with multiple shops employing several local women. She envisions expanding her business to include workshops where women can learn to craft traditional clothing. Her story highlights how, with the right financial solutions, small businesses can create sustainable jobs in an otherwise unstable job market.


      What social return could your investment generate?

      Many individuals, especially in the rural regions of Uzbekistan, lack access to banking services. Renesans acts to close this gap by offering individual and group loans to local entrepreneurs, and businesses. These loans are available to drive business growth and enhance living standards.Through these initiatives, Renesans elevates the socio-economic landscape of the community and drives economic growth.

      Renesans places a strong emphasis on gender equality. Over half of their loan portfolio supports initiatives that empower women, and 56% of their customer base is female.

      What financial return could your investment generate? 

      • Annual interest rate 6%
      • The maturity of the loan is 24 months
      • Grace period: the first repayment of your investment will be made after 12 months. After that, there will be a repayment every 6 months
      • With an investment of 1,000 euros, your expected total repayment would be 1,090 euros.
      • This is a local currency (LCY) project, but the exchange risk is covered by our partner TCX. Using local currency for loans in emerging markets helps business owners avoid losses from unpredictable currency changes. Please read our blog for further information.


      About Renesans

      Renesans stepped up when small businesses were overlooked by state banks. By connecting with global financial resources, they enhanced their ability to support these businesses. Employing both individual and group lending methodologies, Renesans has issued more than 48,000 loans since 2008. Now, they proudly assist 8,050 clients - most of whom are from rural areas - with over half being women, underscoring their commitment to community growth and gender equality.


      Renesans in numbers

      • Founded in 2008, with their head office being in Tashkent
      • Renesans exists of a branch network reaching 13 branches in 5 regions
      • 114 employees
      • 8.050 clients, of which 6.070 reside in rural areas and 4.406 are women
      Company nameRenesans
      CEOMirlaziz Umarov
      SectorFinancial services
      Credit score2.85


      Renesans has had a substantial impact in Uzbekistan by providing banking services to underserved regions, fostering business growth and boosting living standards. Their efforts have resulted in over 48,000 loans since 2008, with a focus on empowering female entrepreneurs—56% of their loans support women-led initiatives. This commitment has not only stimulated local economies but also promoted gender equality within the community.


      SDGs Impacted

      With this project, you are contributing to the following Sustainable Development Goals:

      SDG 1 - No poverty

      SDG 5 - Gender equality 

      SDG 8 - Decent work and economic growth

      SDG 10 - Reduced inequalities


      Related blogposts

      Read the introduction blogpost about Renesans here

      Want to learn more about how financial inclusion can thrive entrepreneurship? Read here.

      Wondering which other microfinance institutions we have in our portfolio? Check them out here.

      • With this investment 210 lives are improved

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      We have already contributed to Renesans 3

      Jérome SERANT
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