Banks have suspended issuance under the program of concessional lending to small and medium-sized businesses “1764”, a source in one of the banks from the list of systemically important banks told Vedomosti. The freezing of loans by a number of organizations was confirmed by Alexander Kalinin, President of the Opora Rossii association. The representative of the Ministry of Economic Development (overseeing this support measure) said that financial organizations have exceeded the limits for granting loans under this program. In total, loans were issued in the amount of 688 billion rubles, while initially the department limited the amount of funding to “1764” 530 billion, said the source of “Vedomosti”.
The Ministry of Economic Development launched a program of concessional loans for small and medium-sized enterprises at the beginning of 2019 as part of the national project “SMEs and Support for Entrepreneurial Initiatives.” According to its terms, SMEs can take out a subsidized loan for investment purposes, as well as to replenish working capital. The cost of the loan is calculated using the formula “key rate of the Central Bank + 2.75%”.
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