Bank of Russia develops SME support roadmap for 2023–2024
The key block of the Roadmap is aimed at making loans, especially investment ones, more affordable for small and medium-sized enterprises (SMEs).
The planned measures include a reduction in lending costs and lower risk ratios for assets secured by guarantees of RSMB Corporation, and the optimisation of the credit risk assessment process. This will further encourage banks to work with SMEs.
The Bank of Russia intends to focus subsidised lending programmes on financing investments that promote the structural transformation of the economy.
Working capital lending will also be developed. The Bank of Russia will analyse the possibility of extending subsidised programmes to factoring.
The document also provides for expanding the opportunities for businesses to use non-bank sources of financing. The Bank of Russia considers it important to create conditions for fast-growing companies to actively offer their shares on investment platforms. This is usually cheaper and faster than being listed on the exchange.
The regulator intends to provide SMEs with access to the Know Your Customer platform to check their counterparties.
A special area of focus is to reduce the transaction costs of businesses by accepting payments through the Faster Payments System.
The Roadmap has been developed taking into account the proposals of the business community. The Bank of Russia is ready to discuss new initiatives to supplement it.