Bank of Russia amends SME working capital lending programme

The amendments will allow banks to provide loans under the programme to self-employed persons for entrepreneurial purposes, as well as to leasing or factoring companies for leasing property or financing small and medium-sized enterprises (SMEs). Moreover, the cost of factoring and/or leasing for an SME expressed as a nominal interest rate per annum should not exceed 15% for small businesses and 13.5% for medium-sized ones. The interest rate on loans issued to self-employed persons should not exceed 15% per annum as well.

In addition, subsidised loans under this programme will be granted to SMEs specified in Part 4 of Article 14 of the Federal Law ‘On the Development of Small and Medium-sized Enterprises in the Russian Federation’ and engaged in catering¹ and micro-enterprises engaged in retail that have received working capital loans under loan agreements signed in 2022.

¹ According to Classes 56 ‘Food and beverage provision’ and 55 ‘Accommodation services’ of Section I ‘Hotels and public catering’ of the Russian National Classifier of Economic Activities.

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