Bank of Russia and Russia’s Government launch joint anti-crisis subsidised lending programmes for SMEs

In collaboration with the Government of the Russian Federation, the Bank of Russia has elaborated anti-crisis subsidised lending programmes for small and medium-sized enterprises (SMEs).

They enable businesses to obtain working capital loans for up to one year, as well as investment loans for up to three years.

The working capital lending programme will allow small businesses to receive subsidised loans (or refinance previously received ones) at a rate not exceeding 15% p.a., and medium-sized enterprises — not exceeding 13.5% p.a. The volume of lending will total 340 billion rubles. The programme is effective until 31 December 2022.

Investment loans will be issued under an expanded SME incentive lending programme which is implemented by the Bank of Russia jointly with JSC RSMB Corporation. Interest rates under this programme will be also capped at 15% for small businesses and at 13.5% for medium-sized ones. The programme limit will rise by 160 billion rubles to reach 335 billion rubles. JSC RSMB Corporation estimates that this limit will be drawn down over 2022.

The limit allocated for both programmes totals 500 billion rubles. Thus, the overall amount under the support programmes including the existing limit for the lending incentive programme will total 675 billion rubles.

A broad range of banks will take part in the implementation of the programme.

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