Terabank continued to exhibit robust financial growth in the strategic segment of small and medium-sized businesses in 2023.
Terabank's credit portfolio expanded by 25%, the deposit portfolio grew by 8% and the number of business clients increased by 22% as compared to 2022. Over the course of 2023, Terabank provided financial support to thousands of businesses in various sectors such as production, trade, education, and tourism, among others, thereby contributing significantly to the development of multiple industries and the overall national economy.
Noteworthy is Terabank's ongoing collaboration with state funding programs, marked by the introduction of a new product in 2023 - preferential start-up business and agro loans. Throughout the year, Terabank disbursed a total of GEL 6 million in start-up business and agro loans, securing a 20% share in the loans issued by the Enterprise Georgia agency.
In addition, Terabank introduced Tera Leasing to small and medium businesses in partnership with Bizon.ge. This innovative offering enables entrepreneurs to acquire, lease, and rent machinery and equipment tailored to their specific needs, enhancing access to essential resources, promoting enterprise retooling, and aligning businesses with modern standards.
Furthermore, Terabank took a pioneering step in Georgia by implementing the international settlement platform Visa B2B Connect in 2023. This platform empowers business clients to engage in modern, non-card-based, bank-to-bank messaging and settlement, facilitating fast, secure, and flexible international payments across 107 countries.
Terabank's commitment to digitalizing businesses led to the creation of the Saasargeblo.ge platform in 2023. This platform assists small and medium-sized businesses in efficiently implementing digitalization, adopting innovative solutions, and conducting business processes with reduced costs and increased efficiency. Notably, Terabank collaborated with the Georgian Innovation and Technology Agency to develop and enhance the platform and the SaaS ecosystem in general.
In a bid to support businesses, Terabank initiated collaborations with international financial institutions, including the NASIRA guarantee program from the Netherlands Development Bank (FMO). This marked the first involvement from Georgia in this program, aiming to increase financial access for micro, small and medium businesses, particularly focusing on small farmers, women entrepreneurs, and young entrepreneurs. Additionally, The Social Impact Award program, supported by Terabank and organized by Impact Hub Tbilisi, played a crucial role in promoting the activities of young entrepreneurs.
Terabank's dedication to supporting small and medium-sized businesses gained recognition with the Tera Online Catalog for 100 Georgian Businesses project receiving acclaim at the Meliora 2022 competition of responsible business in Georgia in the category of "Conscientious Activity in the Market." The initiative served to support business clients by promoting and presenting their businesses in the online space.
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.
