Bank of Russia to provide additional support to SME lending

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.

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