Debt relief: who will be able to apply for credit holidays from October 1
Starting from October 1, Russian entrepreneurs from the sphere of small and medium-sized businesses (SMEs) and self-employed citizens will be able to take credit holidays for up to six months. The relevant federal law was signed by Russian President Vladimir Putin on July 31. Izvestia investigated who would not be provided with them, how the interest would be calculated, and whether further credit relief should be expected.
The disciplining mechanism
The law on granting credit holidays to the self-employed and small and medium-sized businesses enables borrowers to avoid the risk of bankruptcy under adverse economic circumstances without compromising their credit reputation, Alexander Isaevich, CEO of the SME Corporation, told Izvestia. The temporary suspension of payments allows organizations to restore stability and return to normal operation, and in the long term helps to reduce the level of overdue debt.
— The entry into force of the credit holidays from October 1 will allow entrepreneurs to reduce their credit burden and avoid negative consequences in the form of fines or deterioration of their credit history. The SME Corporation, in connection with the adoption of Law 276-FZ, agreed to extend the term of "umbrella" guarantees provided to banks under loan agreements, subject to changes in their terms," he stressed. — It is also worth recalling that the Bank of Russia recommended considering applications from SMEs experiencing difficulties in fulfilling their loan obligations and providing them with restructuring under their own banking programs on a voluntary basis.
It is incorrect to declare the inevitable increase in overdue debts due to the spread of credit holidays to SMEs and the self-employed, Evgenia Lazareva, project manager of the Popular Front For Borrowers' Rights, said in an interview with Izvestia. The sources of defaults in this category of clients are related to other factors. At the same time, government involvement in debt restructuring, on the contrary, can reduce the risk of new delinquencies.
— In the near future, it is unlikely that we should expect even greater easing. The regulator has tightened monetary policy. The government offers many preferential programs for SMEs. Borrowers who are not engaged in entrepreneurship receive loans in tougher conditions than before. Therefore, you should not count on excessive generosity," she believes.
Grace period
According to information from the Bank of Russia at the beginning of August 2025, the volume of overdue loans for small and medium–sized businesses is kept at the lowest levels in history and amounts to approximately 6.5-7%, Sergey Grishunin, managing director of the NRA rating service, reminded Izvestia.
— There has been a gradual increase from exceptionally low values (about 5% in 2022-2023), which experts call a natural normalization after a period of massive restructurings and government support. The current growth is not yet a sign of a systemic crisis," the expert said.
In the near future, we should not expect large-scale assistance measures comparable to those introduced during the pandemic, he confirmed.
— The current measure is preventive and targeted. However, the possibility of new targeted programs cannot be ruled out. They will depend on the development of the macroeconomic situation and may be aimed at mortgage lenders, representatives of the most affected sectors of the economy (logistics, tourism, individual industries), as well as citizens with problematic consumer loans," said Sergey Grishunin.
The effectiveness of such support is not too great, Yuri Belikov, managing director of the Expert RA rating agency, told Izvestia. Entrepreneurs of small and medium-sized businesses, as well as the self-employed, have the right to apply for credit holidays, but this opportunity is accompanied by conditions and restrictions. At the same time, interest continues to accrue as usual during the grace period, they are added to the principal debt, and subsequently the borrower will have to repay them in full.
— The total debt burden will not decrease during the grace period, as it could decrease if the debt body continued to be amortized on schedule and accrued interest continued to be paid regularly. In some exceptional cases, this measure will save from default entities experiencing a short-term cash gap and (or) faced with a delay in payment for their goods and services. But lenders would probably not have bankrupted such borrowers anyway, the expert believes.
Debt settlement is possible through internal restructuring programs offered by banks, he recalled. At the same time, such a measure is applicable only when the client's income is really projected, allowing him to regain the ability to fulfill obligations on time.
— The measure is aimed at limited debts of small economic entities. So we can say that accumulation of bad debts with their subsequent one—time manifestation, which is significant for the economy and the banking system, will not happen," said Yuri Belikov.
Deferred delays
Credit holidays are part of the institutional restructuring of the financial system: They make it possible to smooth out cash gaps and maintain the continuity of investment processes, Daniil Gonenko, Associate professor of the Department of Economics and Finance of the Public Sector at the RANEPA, noted in an interview with Izvestia. The mechanism itself is of a disciplining nature, since it can only be used in individual cases, and the obligations of borrowers do not disappear. Within the framework of the economic growth model, credit plays the role of fuel, therefore, the effectiveness of vacations is manifested only when combined with demand-generating contracts, operational procurement calculations and a guarantee system. In this case, they become not just a temporary benefit, but a link between delivery, payment and subsequent investment steps.
— The risk of "delayed delay" appears when vacations are turned into a screen for chronic problems. But the mechanism itself is a disciplining one: it is applied pointwise, for a limited period, obligations do not disappear. Combined with factoring, accelerated payments in the state budget, and warranty support, vacations act as a manageable bridge between delivery and payment and tend to reduce future delays rather than accumulate them.
In his opinion, in the future, it is more likely to expect a subtle adjustment of conditions rather than broad relief for all categories of borrowers. After all, it is more reasonable to strengthen targeted support, primarily for the most vulnerable links, such as contractors for infrastructure projects and export-oriented small and medium-sized businesses.
— The priority is for medium—sized businesses: it is the "middle" that scales technologies and supplies for large government customers. There is a combination of vacations, demand contracts and fast payments, plus warranty instruments — this combination supports a stable growth trajectory," the expert emphasized. — Credit vacations save turnover without breaking investment cycles. The risk of subsequent delays is limited by the design and discipline of the application. A stable trajectory is provided by a combination of "vacations + fast payments + factoring + umbrella guarantees" with a focus on medium-sized businesses as a driver of technology and supplies.
Izvestia sent requests to the Central Bank and the Ministry of Energy, but no responses had been received at the time of publication.
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