SMEs promised to extend preferential microfinance support

State microfinance organizations (SMFOs) and regional guarantee organizations (RGOs) will continue their work under the new national project "Efficient and Competitive Economy". Until 2030, small and medium-sized businesses will be able to receive microloans on favorable terms and guarantee support even if they lack collateral, the Ministry of Economic Development told Izvestia on February 19.

"Over the period of the national project "Small and medium-sized entrepreneurship" a comprehensive system of business support measures has been created, including various educational and financial programs," the Ministry's press service quoted Deputy Minister of Economic Development Tatyana Ilyushnikov as saying.

Small and medium-sized enterprises, as well as the self-employed can receive state support in the form of preferential microloans of up to 5 million rubles (up to 500 thousand rubles for self-employed individuals) for up to three years by applying to a regional microfinance organization, or in the form of state guarantees of up to 70% of the loan amount at 0.5-3% per annum through an application to the RGO.

"Last year, the Business Development Fund issued 549 sureties worth 3.5 billion rubles and was able to attract 7.8 billion rubles in loan funds. We continue to provide support measures to entrepreneurs in our region and every year increase their number," summarized Vasily Vorobyev, head of the Department of Business Development and Foreign Economic Activity of the Krasnodar Region.

"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 Russian Ministry of Economic Development 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.