02 March

A new business support program has been adopted

A new business support program has been adopted

Prime Minister Mikhail Mishustin has approved a new program of preferential loans to support entrepreneurs from the most affected industries.

The government has allocated 7.7 billion rubles for it. Both small and large companies of the hotel and restaurant business, culture, tourism, sports and entertainment will be able to participate in the program. The amount of the loan will depend on the number of employees. The maximum amount is 500 million rubles. The money is given to the borrower, who undertakes to keep at least 90 percent of jobs during the term of the loan agreement. The amount of support will be calculated based on the minimum wage — 12,792 rubles per employee for 12 months.

The money allocated by the government will be used to reimburse banks for the difference between the preferential interest rate and the market rate, as well as to repay borrowers' debts for the first half of the year. In particular, the state will pay six percent of the actually formed debt to banks on a monthly basis.

According to the Prime minister, about 75 thousand entrepreneurs, whose companies employ about one and a half million people, will be able to use the help.

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