Loans for Small Businesses

Krasnodar, 25 June. Small and midsize businesses involved in excisable production will reportedly receive loans to the total of over 11 million roubles. 

They will also be able to benefit from state support. The regional microfinancing fund issues anti-crisis loans for this business category under the lowest possible interest and six months’ deferral of payments. Some restaurateurs and hoteliers that suffered from the pandemic lockdown have already applied for such support. 

“Until now, businesses that produce or sell excisable goods were not qualified for financial support. After the regional initiative was approved by the federal government and the respective law was amended, the most suffered small and medium businesses can be offered these new measures of support,” Vitali Voronov, Head of the regional Department for Investment and Development of Small and Midsize Entrepreneurship, commented. 

The borrowers will be allowed to spend the loans to pay the wages, utility service, rental and other expenditures for the purpose of supporting their business during the crisis period.

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