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It will become easier for businesses to get a loan from a bank

It will become easier for businesses to get a loan from a bank
Photo: pixabay.com

The Russian government has launched an "umbrella mechanism" that will help SMEs to take loans with the guarantee of the Small and Medium Business Corporation. More than 35 thousand companies will be able to receive support - to attract more than 600 billion rubles by 2024.

According to the press service of the government of the Russian Federation, the measure will allow those entrepreneurs to receive loans for whom they were not previously available, and will reduce interest on loans. To take advantage of the support measure, an entrepreneur must contact one of the banks participating in the project. The surety is provided immediately, without contacting the SME Corporation.

Participating banks include Otkritie Bank, SberBank, VTB, Promsvyazbank, Russian National Commercial Bank and SME Bank. The guarantee will provide up to 50% of the loan amount. The commission for the surety will be paid by the bank, not the entrepreneur.

By the end of the year, micro, small and medium-sized businesses will be able to additionally attract 20 billion rubles of credit - with the guarantee support of the SME Corporation in the amount of eight billion rubles.

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