For half a year, the Crimean Microfinance Business Fund issued 238 microloans for the amount of about 492 million rubles

Ministry of Economic development of the Republic of Crimea 13 July 2020
13 July 2020

For half a year, the Crimean Microfinance Business Fund issued 238 microloans for the amount of about 492 million rubles. 

"In order to support small and medium-sized businesses in the first half of the year, the Microfinance Fund of the Republic of Crimea issued 238 microloans for the amount of about 492 million rubles. The Government of the Republic of Crimea has allocated an additional 200 million rubles to the Fund's portfolio to provide priority measures to businesses in connection with the spread of coronavirus infection," said Dmitry Sheryako, Minister of Economic development of the Republic of Crimea.

In addition, as part of business support in the fight against coronavirus, a special lending program "Skory" has been developed to provide micro-loans to entrepreneurs at a rate of no more than 3%. A microloan is provided for a period of 6 to 24 months, its size − from 150 thousand to 3 million rubles.  Providing micro-loans "Skory" is subject to the condition of targeted use of funds microloan for working capital (purchase of inventory, goods, works, services, etc., with the exception of the purchase of excisable goods for further sale), payment of taxes, fees, insurance payments, the payment of wages, payment of utility bills, electricity, to pay lease payments.

"According to the Decree of the support measures, the Microfinance Fund held events under existing agreements in order to reduce the financial burden on entrepreneurs in the current conditions. Namely, debt restructuring, reducing the interest rate on existing loans to 3%, for those industries that are defined in the Decree. The provision of deferred payment of principal and those entrepreneurs in whose activities decreased revenues," said Dmitry Sheryako.

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