Crimea tourist business will receive additional financial support

Ministry of resorts and tourism of the Republic of Crimea
04 March 2021

The Government continues to provide assistance to businesses from the most affected sectors, including tourism. One of the measures of such support will be the new preferential credit programme "FOT 3.0" - salary budget, which will be allocated about RUB 7.7 billion.

According to the Government Decree dated 27 February 2021, entrepreneurs from 9 March to 1 July, 2021 can take out a loan for up to 12 months at a rate of 3% up to RUB 500 million.

The FOT 3.0 Business Support Programme is designed to further assist in the recovery phase, as well as to further support the employment of enterprises. At the same time, loans are available to pay employees ' salaries, interest payments, principal debt under loan agreements, and other ones. Except for the payment of dividends, the purchase of own shares or shares in the authorized capital, the implementation of charity.

The loan can be obtained by micro-and small enterprises, large and medium-sized businesses, socially oriented  non-profit organizations, individual entrepreneurs (with the exception of sole proprietors who do not have employees) under the OKVED 55, 56, 59.14, 79, 82.3, 86.90.4, 90, 91.02, 91.04.1, 93 and 96.04. These are enterprises of the hotel business, Spa organizations, museums, travel agencies and other organizations that provide services in the field of tourism, etc.

Borrowers under the new programme can be legal entities and individual entrepreneurs who previously received loans under the FOT 2.0 programme, under which they must maintain the number of employees until 1st March.

During the first half of the year, the borrower will not pay the principal and interest on the loan. In the second half of the year, this can be done in equal parts on a monthly basis. The condition for obtaining a loan is the retention of at least 90% of the number of employees for the entire term of the loan, as well as the absence of bankruptcy proceedings against the company or the termination of its activities as an individual entrepreneur. Salary budget should be included in the register of socially oriented non-profit organizations that are most affected by the pandemic.

Entrepreneur chooses the bank participating in the programme independently. Currently, the Ministry of Economic Development of Russia is conducting selection of banks, which will last until 15 March. The state represented by VEB.RF, will act as a guarantor. The money allocated by the Government will be used to reimburse banks for the difference between the preferential interest rate and the market rate, as well as to repay borrowers' debts for the first half of the year.

 

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