Preferential loans will become more affordable
October 10th The Government of the Russian Federation has adoptedResolution No. 1212. It is called About changes in the procedure for lending at a preferential rate to small and medium-sized businesses in order to implement projects in priority sectors..
This document should help to increase the availability of the preferential lending program for small and medium-sized businesses, especially for the implementation of investment projects. The maximum amount of the loan for investment purposes at a preferential rate has been reduced from 1 billion rubles to 400 million rubles. But, the maximum size of the total volume of loans, for one borrower for these purposes, does not change. It remains equal to 1 billion rubles. As a result, banks will be able to provide preferential loans to more entrepreneurs.
In accordance with the resolution Government of December 30, 2017 No.1706The Ministry of Economic Development of the Russian Federation, together with JSC "SME Corporation", implements a program providing subsidies from the federal budget to Russian credit institutions to reimburse their lost income on loans issued under this program. Subsidies under the Concessional Lending Program are provided to 15 Russian authorized banks to reimburse their lost income on loans for investment purposes and on loans for replenishment of working capital issued in 2018 to SMEs for the implementation of projects in priority industries at a preferential rate not more than 6.5% per annum.
Additionally, the Decree establishes a quota for SMEs belonging to microenterprises, at least 10% of the total amount of loans provided for by all loan agreements concluded by a particular bank under the Preferential Lending Program.
As of August 1, 2018, 993 credit agreements were concluded with small and medium-sized businesses in the amount of 45.4 billion rubles. This figure shows how much this form of support is in demand. In the federal budget for 2018, 635.5 million rubles are planned for these purposes and by order of the Government of the Russian Federation No. 803-r dated April 28, 2018, the financing of such state support was increased by 805.3 million rubles at the expense of the reserve fund of the Government of Russia. Now authorized banks, due to additional state support and changes in the terms of granting loans, will be able to support investment projects of more entrepreneurs.
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