SMEs receive almost ₽44 billion from microfinance organisations over 2023 H1
In January—June 2023, microfinance organisations (MFOs) engaged in business financing expanded lending to SMEs by 48% compared with the same period in 2022.
A considerable portion of these loans (61%) were issued by state-owned MFOs. Private MFOs accounted for 39% of total new loans, of which 84% were issued online. Interest rates on loans provided by state-owned MFOs to SMEs and self-employed persons remain low, with their average values ranging from 5% to 9% p.a.
Many organisations offer special programmes for financing social or environmental initiatives (opening new children’s, sports or medical centres, recycling of waste, production of environmentally friendly materials and products, etc.). However, so far, very few borrowers have received funding under such programmes.
Read more in MFO Business Financing Market Trends in 2023 H1.