In Russia, credit vacations for small businesses postponed until mid-2025th

Credit vacations for small and medium-sized enterprises (SMEs) and the self-employed may appear in Russia no earlier than mid-2025. This was announced to Izvestia by the Central Bank's press service.

Such a mechanism was announced by Russian President Vladimir Putin in his address to the Federal Assembly in February 2024. He proposed to give non-large businesses the right to take a credit vacation for up to six months once every five years without worsening their credit history.

Later, the Kremlin website published an instruction with a deadline of June 1, 2024. It was submitted to the State Duma only on July 30, and so far it has not passed the first reading. At the same time, after the adoption of the document will come into force only in 180 days, emphasized the Central Bank.

The maximum size of the loan, for which it is planned to provide a grace period, for microenterprises will be 60 million rubles, for small businesses - 400 million, for medium-sized - 1 billion, and for the self-employed - 10 million, the Central Bank added.

Credit vacations for small businesses will not appear before the middle of 2025, as the process of introducing such a mechanism takes a long time. It needs to be thoroughly worked out - to take into account the interests of the debtor and the creditor, believes Natalia Milchakova from Freedom Finance Global.

According to the specialist, special attention should be paid to vacations for the self-employed. In fact, it is a citizen who can apply for a deferment, in particular on a consumer loan or credit card, just as an individual. And then - also as a self-employed.

Read more in Izvestia's exclusive article:

A break is in the works: credit vacations for SMEs postponed until at least July 2025