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Banks deliver business loans at 2% to support employment

New business loan program at 2% to support employment starts in Russia, loans can take as small company to large business affected by the coronavirus industries, as well as a number of socially-oriented NGOs. Banks expect to issue up to 250 billion rubles of such loans.

Starting from 1 June secretitos at 2% to support employment in companies affected by the pandemic industries, announced Russian President Vladimir Putin. The repayment period is April 1, 2021. If during the term of the loan program the company will maintain employment at the level of 90% or more of its current staffing levels, after the expiration of the term of the loan the loan and interest thereon are fully charged, these costs would be borne by the state.

Under the loan agreements will be provided by the state guarantee of the VEB in the amount of 85% of the loan amount, this will allow banks to provide such loan. In the program as quickly as possible will be included all the banks that already participate in the program of interest-free salary loans - there are now over 50. In addition will be able to enter any other banks with rating of at least "A-" or who will have the guarantee of the state Corporation for small and medium-sized businesses, said earlier the Minister of economic development Maxim Reshetnikov.

According to the government decree on the rules of granting subsidies on loans at 2%, banks participating in the program will be allocated 5.7 billion rubles for reimbursement of lost revenues. The total amount of loans shall not be less than 248 billion rubles.

Sberbank, without waiting for the start of the program, has already approved more than 1,000 applications from companies for a total amount of 1.8 billion rubles, but the money will start to arrive into accounts of the borrower after the official start of the program. VTB and Promsvyazbank (PSB), which also joined the program, predict it "a significant volume of cases and lending".

"The financing company will be able to send a wide range of purposes, including the repayment of previously taken subsidized loans, the payment of wages and entrepreneurial activity", - said the head of the small and medium business PSB Konstantin Basmanov.

Recent data on the situation of COVID-19 in Russia and the world presented on the portal stopmanager.of the Russian Federation.