The government has launched a new tool for state support of entrepreneurs

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AK&M 14 September 2021 11:39

The Government of the Russian Federation has launched a new financial instrument for state support of entrepreneurs – an "umbrella" mechanism for providing guarantees, which will open up expanded opportunities for small and medium-sized businesses to obtain debt financing. Sureties will be issued by the SME Corporation. First Deputy Prime Minister Andrei Belousov supported the project at the last meeting of the corporation's board of Directors, the Cabinet of Ministers reported.

The "umbrella" mechanism will make it possible to obtain borrowed funds for a whole segment of entrepreneurs who previously had no business loans, and will also reduce the final interest rates on attracted financing. At the same time, the guarantee will provide up to 50% of the loan amount, and the entrepreneur will be able to get it instantly in the "one window" of the bank without contacting the SME Corporation, since the entire document flow between the participants is digitalized.

Another important innovation is that the commission for the guarantee will be paid by the bank, and not by the entrepreneur. Thus, borrowers with medium risk will be able to increase the volume of funds raised through guarantees and release collateral, while those with low risk will be able to receive credit funds on average 1-2% lower.

According to the results of the selection of banks, which took place from August 31 to September 6, Otkritie Bank, PSB, RNKB, Sberbank, VTB and SME Bank became participants of the pilot. For partner banks, the mandatory share of investment loans secured by the guarantee of the SME Corporation is set at least 20%. In addition, banks undertake to achieve the coverage indicators – the minimum number of SMEs that should receive a guarantee.

As part of the pilot project, micro, small and medium-sized businesses will be able to attract an additional 20 billion rubles of credit funds by the end of 2021-with the guarantee support of the SME Corporation in the amount of 8 billion rubles.