The scope of implementation of the SME lending program under the national project “Small and Medium-Sized Entrepreneurship and Support for Individual Business Initiatives” has already exceeded the level of the year 2019. This was stated on the 29th of June by the Russian Minister of Economic Development Maxim Reshetnikov at the meeting with the Russian Prime Minister Mikhail Mishustin concerning the situation on the labor market.

“According to your order, we reviewed very carefully the existing items of expenditures and adjusted them considering the current situation, as well as adapted the program for subsidizing loans to small and medium-sized entrepreneurs within the framework of the national project,” the Minister said. According to him, 7.5 ths loan agreements have already been signed. “These are larger agreements, including those related to business development, refinancing of the loans [previously] issued in the amount of 450 bln rubles. We have already exceeded the entire scope of the previous year under this program, despite the quite difficult situation in general,” Maxim Reshetnikov stated.

We recall that in the framework of adaptation to the current conditions of the subsidy program for loans to small and medium-sized businesses at 8.5 %, we have eliminated requirements to a borrower for having no debts in taxes and fees, as well as wages. In addition, limits on the maximum amount of loan agreements for refinancing have been lifted. The program has also included micro-enterprises operating in the field of trade.

Another major area of work within the framework of the national project constitutes an expansion of the provinces’ capacity to support business, Head of the Ministry of Economic Development continued. For this purpose, guarantee and micro-finance organizations have been created in the provinces. “This year, additional 14 bln rubles were allocated to the provinces for these purposes, as well as the decision has been made not so long ago to add 12 bln rubles to microlenders’ capitalization,” the Minister said. He confirmed that at the moment 100 % of funds had been transferred to the provinces. “And out of the 12 bln that provided in the last tranche, 4.7 bln has already been transferred to microlenders, which means, accordingly, that businesses begin to get access to this money. This is also important now at the stage of business recovery,” Maxim Reshetnikov concluded.