SME Bank will support entrepreneurs with interest-free loans to pay salaries

Since April 1, 2020, the SME Bank has launched a set of measures to support SMEs in the context of the pandemic spread of COVID-19, leading to disruption of established economic ties and the shutdown of production activities, both internationally and locally.

The new loan product for SMEs is aimed at urgent needs to support and maintain employment, in particular, to pay wages on a monthly basis for six months from the date of receipt of the loan. The loan amount is calculated based on the minimum wage (individually for each region) and the number of employees on staff. The loan term is 6 months with repayment of all debts at the end of the term, the rate is 0% per annum.

For existing SME Bank clients, interest-free loans will be processed using the most simplified procedure. For new clients-SMEs operating in the areas most affected by the spread of coronavirus, the most expeditious interaction and an individual approach to solving current business problems will be organized.

The interest rate on loans is subsidized by the Ministry of Economic Development of the Russian Federation, and loans are refinanced by the Central Bank and VEB.The Russian Federation provides security in the form of guarantees. All measures taken by the bank have been developed taking into account the recommendations of the Bank of Russia and the Government of the Russian Federation.

Dmitry Golovanov, Chairman of the Management Board of SME Bank, noted: "One of the most vulnerable sectors of the Russian economy in connection with the coronavirus pandemic is small and medium-sized businesses. SME Bank is a niche bank whose main mission is to support this segment. And we will do our best to help SMEs in this difficult time. We will offer an effective solution in an individual format for each entrepreneur who applies to our bank."

To receive consulting support, the SME Bank operates a contact center around the clock, where the bank's clients can receive initial advice on the bank's products and services online.

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