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Maxim Oreshkin: SMBs Will Receive another 60 Billion Rubles of Soft Loans before Year-End

07.09.17

In 2017, small and medium-sized businesses (SMB) have already benefited delivery of approx. 59 billion rubles of soft loans and they will receive another 60 billion rubles before the year-end. This was announced by Maxim Oreshkin, the head of the Russian Ministry of Economic Development, during his talk in Sberbank’s Easy Start! Small Business Development panel discussion that was held at the Eastern Economic Forum 2017.

Maxim Oreshkin stressed that SMBs are essential for the development of the country's economy. "What is to be done in order to make small businesses grow?" We need to create relevant conditions. If you have a look at the issue, two key challenges such as administrative barriers and financing availability will prove to be involved in this," he said.

The minister recalled that small and medium-sized businesses are entitled to preferential loans with lower interest rates known as Program 6.5. "The figures demonstrate that the Central Bank has granted approx. 49 billion rubles in loans this year, while the government will provide more than 10 billion rubles, which will be another part of the program.  We expect that more than 60 billion rubles of loans will be also pumped into this area by the end of the year," the head of the Ministry of Economic Development stressed.

The Minister also added that the government was currently engaged in reforming the regulatory and supervisory bodies, which would eliminate the negative impact on small and medium-sized businesses. "A new bill on control and supervision will be reviewed in the Parliament, in fall," he said. The head of the Ministry of Economic Development explained that, with the new scheme, businesses will be audited not randomly, but following a transparent, regulated system.

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