Jan 11, 2021
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The government approves a decrease in interest rates on soft loans for businesses

The Cabinet of Ministers of the Russian Federation approved a reduction in interest rates on soft loans for representatives of small and medium-sized businesses (SMEs) and self-employed to 7% per annum. Prime Minister Mikhail Mishustin announced this at a meeting with the Deputy Prime Ministers, writes TASS.

The prime minister noted that the authorities are improving “instruments of state support to achieve the national development goals set by the president.” According to him, a decree has already been signed to reduce the rate on soft loans.

Initially, it was planned to issue such soft loans at 8.5%, but according to the new rules, the rate should not exceed the key rate of the Central Bank by more than 2.75%. Therefore, it was decided to reduce it to 7%.

Mishustin expressed hope that thanks to preferential loans, entrepreneurs will be able to replenish working capital and get opportunities for investing in new projects.

Earlier it was reported that the producers of sugar, bread and flour processors will be provided with state support as part of measures to stabilize food prices.

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