Another 21.5 billion rubles were allocated for preferential loans to backbone enterprises

The Russian government allocated an additional 21.5 billion rubles. to subsidize the interest rate on loans as part of a program to support backbone organizations of industry and trade. This order was signed by Prime Minister Mikhail Mishustin, informed government press office.

“The decision will allow maintaining the preferential rate on loans taken in 2022 to replenish working capital. It will affect almost 800 borrowing enterprises,” they explained.

The government launched a program to support backbone organizations of industry and trade that found themselves in a difficult situation due to sanctions in March 2022. Under the program, one enterprise could receive up to 10 billion rubles at a rate of 11%. for one year, a group of companies – up to 30 billion rubles.

At today’s operational meeting Minister of Industry and Trade Denis Manturov with the Deputy Prime Ministers stressed that the implementation of the program allowed enterprises to quickly rebuild their supply chains against the backdrop of sanctions, form stocks of raw materials and components and prevent production shutdowns.

According to him, due to state support in the amount of 42.5 billion rubles. almost 800 companies were able to attract 1.2 trillion rubles of borrowed funds. In addition, through regional industrial development funds, similar support was provided to small and medium-sized companies: 850 such enterprises received loans worth more than 300 billion rubles on favorable terms.