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MIL OSI Translation. Region: Russian Federation –

Source: Ministry of Economic Development (Russia) – An important disclaimer is at the bottom of this article.

?rogram FOT 3.0, launched in 2021 as part of the support of Russian business to recover from the effects of coronavirus infection, allowed to save more than 740 thousand jobs. This was reported in the Ministry of Economic Development of Russia, commenting on the words of the Prime Minister of Russia Mikhail Mishustin that, thanks to the coordinated work of all branches of government, in kovid entrepreneurs managed to save teams, production and jobs.

According to Deputy Minister of Economic Development of the Russian Federation Tatyana Ilyushnikova, in January 2024 the last loan agreement under this program was closed, and in March the subsidy to the bank was repaid. Thus, the government has fulfilled all its obligations to banks and businesses.

“Thanks to the implementation of this anti-crisis program, 740 thousand jobs were saved during the period of coronovirus restrictions. In total, more than 42 thousand loan agreements were concluded under the program, the volume of support amounted to 146 billion rubles. The implementation of the FOT 3.0 program is one of the first successful examples of mutual responsibility of the state and business: the state provides the necessary support, and the company preserves jobs,” said Tatyana Ilyushnikova.

The FOT 3.0 program is one of the first programs built on a targeted, targeted principle. At that time, state support was concentrated on the sectors most affected by the spread of the coronavirus infection. These are public catering, culture, sports and entertainment, event organization, and tourism business.

The loan program was most in demand among businesses in Moscow – almost 16% of the total volume of contracts were signed by entrepreneurs from the capital. Among the regional leaders are also Moscow Region (5%), St. Petersburg (4.9%), Krasnodar Territory (4.7%).

The greatest demand in loans was from catering companies – almost 20 thousand loan agreements were concluded for the amount of 74.5 billion rubles.

Under the program, individual entrepreneurs and legal entities could obtain a loan for up to 18 months at an annual interest rate of 3%, provided that employment remained at least 90%. At the same time, payments on principal and interest were excluded during the first 6 months, while during the following 12 months the loan was repaid and interest was paid. In addition, the borrowers had an opportunity to extend the term of the loan agreement up to 6 months in case of “credit vacations”.

Sberbank, VTB and PSB were the leaders in terms of loans granted among the banks participating in the program.

Please note; This information is raw content directly from the source of the information. It is accurate to what the source states and does not reflect the position of MIL-OSI or its customers.

Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

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

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