Since June 1, the Federal Tax Service of Russia has expanded the capabilities of the digital platform for banks to issue preferential loans to businesses and socially oriented NGOs. Measures to provide preferential loans at a rate of 2% were taken by the Government of the Russian Federation on behalf of Russian President Vladimir Putin.
The new functionality provides control of the risks of reducing the number of employees of the borrower, monitoring the level of wages and the availability of bankruptcy proceedings for the period of supervision under the loan agreement. For those enterprises that retain at least 90% of their employees, the loan will be written off along with interest – the entire amount will be paid by the state. If at least 80% of the employees remain on staff, the entrepreneur will have to repay only half of the loan and interest on it.
To obtain a loan on special terms, organizations (including socially oriented NGOs) and individual entrepreneurs can contact banks that have connected to the digital platform of the Federal Tax Service of Russia.
The platform, powered by distributed ledger technology (blockchain), will allow the bank to verify the application automatically without additional supporting documents. Within a few minutes, the credit institution receives verified data on the borrower's status from state registers (USRLE, USRIP, RMSP), which industry the borrower company belongs to, the number of its employees, and its status in the Unified Register of Small and Medium-sized Businesses (micro, small, or medium-sized Enterprises). If the bank makes a decision on lending (positive or negative), information about this becomes known to all participants of the digital platform of the Federal Tax Service of Russia. Distributed registry technology protects data from any unauthorized changes and eliminates the possibility of duplicate applications from the same borrower.