The government of the Republic of Tatarstan has allocated an additional 62 million rubles for microfinance support of SMEs in 2019

For 10 months of this year, the demand of entrepreneurs for preferential microfinance has increased almost 3 times compared to last year.

In the Republic of Tatarstan today there are eight programs and more than 40 measures to support small and medium-sized businesses. Preferential microfinance provided by the entrepreneurship support Fund subordinated to the Ministry of economy of the Republic of Tatarstan is in particular demand among entrepreneurs.

So, for 10 months of 2019, the Fund issued 304 microloans to SMEs in the amount of 716 million rubles. In monetary terms, this is 356% higher than last year's figure: then entrepreneurs received 114 a microloan on 201 million rubles. For financial support, companies from the service sector, freight transport, agriculture and farming, construction are more likely to apply.

To meet the increased demand of business for preferential microfinance programs, 62 million rubles were additionally allocated from the budget of the Republic of Tatarstan.

"We are actively engaged in a dialogue with entrepreneurs and promptly identify business needs. This year, the interest rate on microloans was reduced from 8% to 7.5%. This measure, among other things, led to a multiple increase in demand for microfinance services. And if we stimulated the market, we must close the demand so that the maximum number of entrepreneurs took advantage of state support. For this purpose, in October of this year, a new program "Development" was launched for companies participating in "cultivation" events. The interest rate on microloans on it is reduced to 5% per annum", - said the Minister of economy of RT Farid Abdulganiev.