SMEs will receive 15 billion rubles of preferential loans for projects in the field of cultural heritage

By the end of next year, small and medium-sized businesses can attract more than 15 billion rubles of concessional loan financing under the umbrella guarantees of the SME Corporation under the program for the preservation of cultural heritage sites. This was reported in the press service of the HOUSE.The Russian Federation, which is the operator of the program.

"On behalf of the president, we are combining the resources and tools of the two development institutions. This will have a multiplier effect and provide entrepreneurs with the necessary financial leverage to implement projects not only to restore cultural heritage sites, but also to integrate them into the contour of modern life. This will increase the tourist attractiveness of Russian regions, and the involvement of small and medium—sized businesses in this process will ensure the growth of investment activity and the creation of new jobs," said Deputy Prime Minister Alexander Novak.

According to him, the special limits of the "umbrella" guarantees of the SME Corporation in the amount of 7.8 billion rubles for the implementation of the program have already been extended to three banks. "This gives entrepreneurs the opportunity to attract the necessary financing on preferential terms right now, and guarantees banks the fulfillment of obligations under such loans, thereby reducing reserves and freeing up liquidity for additional business lending," Novak added.

Loans are available to entrepreneurs at a discounted rate of 9% for window restoration in all regions of the country. Umbrella guarantees cover up to 50% of the loan amount. Special limits are available at DOM Bank.Russia, Sberbank, and VTB. The amount of one "umbrella" guarantee can reach 1 billion rubles with a loan term of up to 10 years.

"Our common task with the SME Corporation is to take work with cultural heritage to a new level. We are not just creating conditions for the restoration of buildings, but also creating growth points for territories. We see great interest in the loan program. The HOUSE is under consideration by the Bank.The Russian Federation has already received about 200 applications for a loan at a discounted rate, many of them from small and medium—sized businesses," said the CEO of DOM.Russian Federation Vitaly Mutko. He expressed confidence that "each renovated facility is a step towards a new quality of life, towards creating a unique and comfortable environment in the regions, which is filled with history."

Alexander Isaevich, Head of the SME Corporation, stressed that the implementation of the program will create new creative locations and points of attraction, while preserving the cultural code of the country's regions. Umbrella guarantees enable banks to lend more actively to SMEs on window restoration projects, and businesses to cover insufficient collateral. "For the convenience of entrepreneurs, we have provided a seamless mechanism where such a guarantee is obtained simultaneously with a loan in one bank window. At the same time, it is completely free for an entrepreneur, the commission is paid by the bank," Isaevich said.

According to Maxim Reshetnikov, Minister of Economic Development of the Russian Federation, since 2021, more than 90,000 companies from various industries have attracted more than 1.1 trillion rubles thanks to umbrella guarantees. The income of entrepreneurs who have received a loan with state support is growing 2-3 times faster, the minister stated. "By the end of 2030, small and medium-sized businesses will be able to receive a total of more than 1.3 trillion rubles of debt financing under the umbrella guarantees of the SME Corporation. The funds for this have been invested in the relevant federal project within the framework of the national project "Efficient and Competitive Economy," Reshetnikov said.

The program operated by DOM.The program is aimed at supporting investors who are implementing projects to restore cultural heritage sites and adapt them to modern use. As part of the program, it is planned to put at least 1,000 windows in order by 2030.

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