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VTB accepts applications for the program for business FOT 3.0

VTB accepts applications for the program for business FOT 3.0
From October 25, VTB in all regions of its presence is launching a preliminary acceptance of applications for the program for supporting small and medium-sized businesses, FOT 3.0, which is renewed by the Government of the Russian Federation. From November to December 2021, entrepreneurs will be able to get a loan at a rate of 3% per annum.

Preferential terms are available to entrepreneurs and legal entities from affected industries in accordance with the list approved by the Government of the Russian Federation, which previously received support under state program 696 (payroll 2.0) or included in the register of SMEs after July 1, 2020. Clients of any Russian bank can apply for a loan from VTB.

“VTB's strategic goal is to constantly support small and medium-sized businesses, taking into account all external factors. Now, due to the forced restrictions on work, some of the industries will need targeted assistance, so we welcome the government's initiative to re-launch the state payroll 3.0 program and start collecting applications for preferential loans in advance. In March-July of this year, we signed an agreement for more than 13 billion rubles with enterprises that needed additional support due to the consequences of the pandemic. We expect that the amount of funding for the revolving program will exceed the amount disbursed to clients in the first half of the year. VTB is ready to accept applications not only from its clients, but also from entrepreneurs who previously received loans under the FOT 2.0 and FOT 3.0 programs in any Russian bank, ”commented Denis Bortnikov, Deputy President and Chairman of the VTB Management Board.

The loan amount will be calculated based on the minimum wage and the number of employees of the company. For the first six months, the client will be exempted from paying interest and principal.

Borrowed funds under the revolving payroll 3.0 program are intended to finance the costs associated with the implementation of any entrepreneurial activity, including the payment of wages to employees and payments under existing loan agreements.

More detailed terms of the program will be published by the Ministry of Economic Development of the Russian Federation in the near future.
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