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MIL OSI Translation. Region: Russian Federation –

Photo by D. Grishkin. Press Service of the Mayor and the Moscow Government

The lending program was extended for small and medium-sized businesses operating in priority sectors.

The concessional lending program is popular with entrepreneurs in the capital. It was extended on new terms until December 31, 2021.

“Over the entire period of the program since May 2020, more than 18 thousand companies, employing more than 127 thousand people, have received preferential loans in the amount of more than 132.9 billion rubles,” said the head

Department of Entrepreneurship and Innovative Development of the City of Moscow Alexey Fursin.

Now loans can only be obtained by small and medium-sized businesses operating in priority sectors. Among them are manufacturing, tourism, education, health care, culture, sports and others.

Entrepreneurs can take out a loan at a reduced interest rate. The subsidized rate is eight percent per annum. Thus, the final interest rate on new loans for small and medium-sized businesses will be about three to seven percent per annum. The maximum loan amount is 100 million rubles, the term of the preferential loan rate is 24 months. The funds should be spent on financing current activities. The loan can be obtained from one of the 14 banks – partners of the program.

A list of industries that can benefit from the program and detailed conditions can be found at dedicated website for Moscow entrepreneurs. You can also apply for a loan there.

In addition, Moscow entrepreneurs can apply for subsidies… Until August 6, documents are accepted for reimbursement of expenses for participation in exhibitions, promotion of goods and services on the Internet, commissions when using food delivery services, work with marketplaces. Franchised entrepreneurs can reimburse the costs of interest on loans, leases, equipment purchases, utility bills, royalties and flat fees.

The capital adopted a complex business support measures… Entrepreneurs can find a suitable program at dedicated website.

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

MIL OSI Russia News