The Ministry of Economic Development reported that SMEs attracted at least 25 billion rubles for the development of hotels

The umbrella mechanism involves providing SME Corporation's partner banks with guarantee limits, within the framework of which financial organizations issue loans to entrepreneurs. Such guarantees of the SME Corporation cover up to 50% of the amount of a bank loan. This was reported to "Izvestia" in the Ministry of Economic Development on February 11.

The press service explained that the amount of one guarantee can reach 1 billion rubles with a term of up to 10 years. The mechanism guarantees the bank's fulfillment of obligations under such a loan, thus reducing reserves and freeing up liquidity for additional lending to businesses.

"Over the past few years, tourism in Russia has been developing at a faster pace and is now among the most attractive industries for investors. In addition, the development of the tourism industry gives a positive effect for such related spheres as construction, transportation, trade, services, employment increases. That is why it is very important to support investors' activity in the conditions of high interest rates with access to loan financing", - the words of the Minister of Economic Development of Russia Maxim Reshetnikov were quoted in the press service of the Ministry of Economic Development.

The hotel sector is one of the key drivers of the tourism industry development. Targeted financing allows small and medium-sized businesses to expand in the current conditions access to financing and implement business development projects

"The special limit of our umbrella sureties will allow SMEs that operate in the hospitality sector to prepare for the tourist season, renovate the room stock or purchase necessary furniture," summarized Alexander Isaevich, CEO of SME Corporation.

"The most popular small business soft loan program will remain in place"

Deputy Minister of Economy Tatyana Ilyushnikova on the results of the national project to support SMEs, prospects for the next six years and changes for the self-employed

Earlier, on January 30, the Ministry of Economic Development of Russia told Izvestia that the agency is restarting the program of preferential investment lending to small and medium-sized enterprises (SMEs) in priority sectors of the economy. The program will be implemented jointly with the Bank of Russia and will combine subsidies from the federal budget, as well as preferential funding from the Bank of Russia. In addition, as part of the program, the Ministry of Economic Development of Russia will continue to subsidize loans issued in 2019-2024 to SMEs and self-employed citizens under the "1764" program.