Aggregated News From Investment Management Regulators

Bank of Russia to provide additional support to SME lending

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In order to support small and medium-sized enterprises (SMEs), the Bank of Russia has decided to allocate 60 billion rubles so that banks could lend to companies from the list of sectors1 most affected by anti-pandemic measures, on preferential terms.

Within the allocated limit, credit institutions authorised under the SME Lending Incentive Programme2 will have an opportunity to take loans from the Bank of Russia, on the surety of JSC RSMB Corporation, at the interest rate of 4% per annum for up to 1.5 years. Banks will be able to receive these loans provided they either grant  loans at the interest rate not exceeding 8.5% per annum or reduce the interest rate under existing loans to 8.5% per annum or below for eligible SMEs from 1 November 2021.

The stated Bank of Russia lending terms for the banking sector will be effective until and on 30 December 2021.

The list of sectors is approved by the Government of the Russian Federation.
The SME Lending Incentive Programme is being implemented by JSC Russian Small and Medium Business Corporation.

This news item was originally published by the Central Bank of the Russian Federation (CBR RU). For more information, please see the Source Link.

Regulator Information

Abbreviation: CBR
Jurisdiction: Russian Federation

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