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MIL OSI Translation. Region: Russian Federation –

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

The results of one of the first preferential government lending programs for SMEs “674” have been summed up, under which loans were issued in 2017-2019. Small and medium-sized businesses could take out a loan from banks at preferential rates of up to 1 billion rubles for current and (or) investment purposes. In the first half of 2024, the last loan under this program at Rosselkhozbank will be repaid.

“The program started even before the launch of the national SME project. Nevertheless, the state fulfilled all obligations to SMEs, subsidizing interest rates for the entire term of the loan – this contributed to the development of business confidence in the state. A small number of companies received support – about 500 enterprises – but the program made it possible to work out a mechanism for implementing preferential loan programs. With the launch of the national project for SMEs from 2020 to 2023, we have already issued more than 133 thousand loans under banking programs. At the same time, we have built tools that are more targeted and focused on priority sectors,” said Deputy Minister of Economic Development of the Russian Federation Tatyana Ilyushnikova.

A third of all loans issued under the ending program went to manufacturing enterprises, 15% to agricultural companies and the rest to enterprises in the real sector of the economy and construction.

As part of the program, small and medium-sized businesses raised over 41.2 billion rubles to launch investment projects, modernize capital construction projects, finance production activities, pay wages to employees, cover utility costs, pay for transport and forwarding services, and rental payments.

The leaders in lending were PJSC Sberbank of Russia, VTB Bank (PJSC) and Rosselkhozbank.

The program was implemented in 68 regions of Russia. The regions with the largest number of entrepreneurs covered by support included the Chelyabinsk region, the Republic of Bashkortostan, the Volgograd and Moscow regions, and the Krasnodar Territory.

Note; This information is raw content directly from the source of the information. This is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

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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