Omsk Microfinance Fund reduces interest rates

Small and medium-sized businesses in the Omsk region can receive microloans in the amount of up to 3,000,000 rubles, for a period of up to 3 years.

"According to the conditions set by the Russian Ministry of Economic Development, the interest rate for one year under the microfinance program cannot be higher than the key rate of the Bank of Russia at the beginning of the calendar year," the fund notes.

On December 15, 2017, the Bank of Russia decided to reduce the key interest rate by 50 basis points from December 18, 2017, from 8.25% to 7.75% per annum. Thus, at the beginning of 2018, the Bank of Russia's key rate was 7.75% per annum. With this in mind, the Fund reduces the interest rate on microloans for small and medium-sized businesses in the Omsk region to 7.75% per year.