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Kaluga Region Government to Take Additional Steps to Support SMEs

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Vladimir Popov, Deputy Governor of Kaluga Region, presented a draft resolution on support of businesses  affected by expanding Covid-19 pandemic. It happened at a meeting of Kaluga Region Government on Aptil 3, 2020.  The key support measures include provision of loans to cover immediate needs of businesses and to subsidize  interest rates under existing SMEs‘ loans.  

Vladimir Popov said: „ The Government’s economy-related agencies have consulted with SMEs from the vast majority of economy sectors‘ affected by introduced restrictions. The list of these industries includes hospitality sector, public catering services, transportation services and  tourism, nine industries in total. We will continue our work and the list of affected inductries will be expanded“.

If the resolution is approved the Entrepreneurship and Innovations Development in Kaluga Region regional program will be amended. The amendments will provide for the State Foundation for Entrepreneurship Support in Kaluga Region capitalization increase  to finance salary-related loans for Kaluga Region SMEs.

Vladimir Popov added: „This support measure grants an opportunity to businessmen to get special-purpose loans to pay salary to their personnel. The loans‘ interest rate will be equal to 0.1% per annum. The amount per one employee shall be a minimum monthly wage. The loans are to be repaid within two years“.

Apart from thet a set of measures to suport companies having bank loans was urgently developed. Small and medium businesses, which have borrowed investment loans, will have an opportunity to get funds to subsidize   interest rates.

Vladimir Popov said: „ Our offer to SMEs includes compensations equaling  the key interest rate  (6%) starting from March 2020“.

RUR50 million from Kaluga Region budget will be allocated to finance the afore-mentioned measures.