Delinquency of small business loans reached a record 767 billion

In January – May 2025, small and medium-sized businesses borrowed almost 6 trillion rubles, a quarter less than a year earlier. At the same time, the total debt increased by 9%, to 16 trillion, and overdue payments increased by 14%, to 766 billion. This was a record for at least four years (there are no statistics for an earlier period), calculated by Izvestia according to the Central Bank.

Putin assessed the performance of production and construction in Sevastopol

At the meeting with the head of the region, the President also discussed income growth and success in winemaking.

"The outstripping increase in delinquency indicates that the quality of the portfolio is decreasing. The total amount of debt has grown less, as demand for loans has decreased due to high interest rates, and banks have tightened the issuance of new loans to SMEs due to increased risks," explained Vladimir Eremkin, senior researcher at the Presidential Academy.

The main reason for the increase in delays is the high key rate. From July 2024 to June 2025, it rose from 16% to 21%, Pavel Samiev, chairman of the Opora Russia Committee on Financial Markets, recalled. Even at the current 18%, banks add 5-7 percentage points to it, and the rate for companies reaches 23-25%.

Another reason is weak consumer demand and rising costs amid accelerating inflation, said Vladimir Chernov, analyst at Freedom Finance Global. The situation was also affected by tax indexation, an increase in the minimum wage, an increase in rental payments, as well as an increase in the cost of raw materials and equipment, said Maxim Maksimov, associate professor at Plekhanov Russian University of Economics.

Finally, seasonality worsened the situation. In the spring, companies simultaneously paid taxes (VAT, income taxes), insurance premiums and rent, Maximov recalled. For many, especially in the low—margin sectors such as retail, catering and construction, this was the final push towards delinquency.

According to the Bank of Russia, SMEs from scientific and technical activities, construction, real estate, trade and finance have accumulated the most debts. That's where the largest amounts of delays have developed, Vladimir Chernov believes.

Read more in the exclusive Izvestia article:

The bet was made: the delinquency of small businesses on loans reached a record 767 billion