The Russian government has approved a reduction in the interest rate on preferential loans for small and medium-sized businesses and the self-employed to 7% per annum. The decree was signed by Prime Minister Mikhail Mishustin.
He noted that the Government is improving "the tools of state support to achieve the national development goals set by the President."
Initially, the rate on such loans was set at 8.5%, the prime minister recalled. According to the new rules, the maximum rate should not exceed the Central Bank's key rate, increased by 2.75%. Today it is 4.25%, which means that loans will be issued at 7% per annum (4.25% + 2.75%).
The Chairman of the Russian government explained that this measure would allow entrepreneurs to reduce their debt burden and replenish their working capital.
"It will also provide more opportunities for business development and investment in new projects, which is essential to stabilize operations in the current economic situation," he concluded, "especially in areas such as agriculture, domestic tourism, science, technology, healthcare and education, and manufacturing."
As Mishustin noted, it is important to help businesses overcome financial difficulties and maintain human resources. To obtain a loan, registration in the Unified Register of SMEs is required. Loans are given to those who work in priority areas. Loans are available not only to representatives of small and medium-sized businesses, but also to those who pay tax on professional income (self-employed). The money can be spent on investment purposes, refinancing and replenishment of working capital.
The decision to reduce the rate was made within the framework of the national project "Small and medium-sized entrepreneurship and support for individual entrepreneurial initiative." The government continues to improve the tools of state support built into the national project, taking into account the national development goals approved by the President of Russia.