On January 11, the Government of Russia lowered the marginal rate on one of the key lending programs for small and medium-sized businesses from 8.5% to 7%. In the first 24 hours of the updated terms of the program, Sberbank entered into six agreements worth more than RUB100 mn with small business customers.
"We welcome the government's initiative to reduce the rate to 7% under the soft business lending program. The new terms should make the initiative more affordable to entrepreneurs and help them support their day-to-day operations, as well as develop their business, and launch new investment projects.
All Sberbank customers who applied for a loan under 8.5% and had their application approved will get financing on the new terms, at the lower rate of 7%. The first 24 hours into the new terms, Sberbank has already signed six agreements with the aggregate value exceeding RUB100 mn," Anatoly Popov, Deputy Chairman of the Executive Board, Sberbank, commented.
To recap, in the spring of 2020, crisis-related changes were introduced to the soft lending program for SMEs, making the borrowing demands simpler.
An aggregate of over RUB900 bn in loans was granted to SMEs under the soft lending program in 2020.
In 2021, banks are scheduled to grant RUB 700 bn in soft loans.
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Please note that this press release is based on materials provided by the company. AK&M Information Agency shall not be held liable for its contents, nor for the legal and other consequences of its publication.
