The Russian banks increased the portfolio of loans to small and medium-sized businesses by 22.6% in 2020, as stated in the Bank of Russia's annual report.
The number of loans provided to SMEs increased by 67.7%, while the average interest rate on loans decreased by 2-2.3%. In January-February 2021, the SME loan portfolio continued to expand, growing by 26.4% year-on-year.
To support lending to businesses, the Bank of Russia temporarily offered several specialized schemes for refinancing on preferential terms with a total limit of RUB 500 billion.
