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Mishustin announced a new preferential loan program for business
Prime Minister Mikhail Mishustin announced a new preferential credit program for business in Russia. Benefits are for industries affected by the coronavirus pandemic.
The head of the Russian government announced this today at a meeting in the Federation Council. According to him, President Vladimir Putin approved the launch of a new annual program "FOT 3.0". The rate of soft loans is 3%, not 2% as before. According to him, the previous program - FOT 2.0 - gave businesses from affected industries an incentive to retain jobs and became one of the most successful measures to support SMEs.
Mishustin said that the sphere of culture, catering, tourism and a number of others have not yet recovered to the pre-crisis level. The new support program will help these businesses improve their performance.
Vladimir Putin suggested launching a special loan program to support employment in Russia. It earned from June 1 last year.