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Order of April 29, 2021 No. 1110-r

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Order of April 29, 2021 No. 1110-r

Another 3.9 billion rubles will be allocated for soft loans for strategic enterprises. This order was signed by Prime Minister Mikhail Mishustin.

This decision will continue to subsidize the interest rate on loans issued in 2020. According to the rules, the subsidy period is one year from the date of the loan agreement and ends no later than December 31, 2021.

The rate on a preferential loan is about 2.6% per annum. The funds received can be spent, among other things, on wages, rent of premises and equipment, purchase of raw materials, materials and components.

Context

From the opening speech of Mikhail Mishustin at the Government meeting on April 27, 2021

As Mikhail Mishustin noted on meeting of the Government on April 27, the decision to support the backbone enterprises made it possible to ensure their stable work in a difficult period, to preserve labor collectives and to prevent disruptions in the payment of wages.

At the end of last year, the volume of concessional lending to strategic companies exceeded 230 billion rubles. In total, within the framework of this program, 319 loan agreements were concluded with the country’s largest employers.

EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

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