The Ministry of Economy of the Republic of Tatarstan has responded to the fall in the key interest rate of the Central Bank by reducing the rate on microloans

On February 7, the Central Bank of the Russian Federation once again lowered its key rate, now it is 6%. Eight categories of entrepreneurs can receive preferential microfinancing on even more favorable conditions. The Entrepreneurship Support Fund subordinate to the Ministry of Economy of the Republic of Tatarstan has already approved the first application for microloan at a reduced rate on small business development.

Let us recall that lowering interest rates to the key rate of the Central Bank of the Russian Federation when providing financial support measures to small and medium-sized businesses is provided for by order of the Ministry of Economic Development of Russia No. 125 of March 14, 2019. At the end of last week, the Central Bank set the rate at 6%.

The provision of microloans on more favorable terms is provided for eight special categories of borrowers. The following can receive a microloan at 6% (in the presence of collateral): residents of territories of advanced social and economic development, a special economic zone, production (industrial), agricultural and industrial parks, business incubators; women entrepreneurs with a share in the business of at least 50% or entrepreneurs older than 45 years, registered for less than one year. Special categories of borrowers also include agricultural production or consumer cooperatives and their members; SMEs involved in tourism, ecology or sports.

In case of further reduction of the key rate of the Central Bank of the Russian Federation, the conditions for providing microloans for these categories of borrowers will continue to change in a more favorable direction.

“The Ministry of Economy of the Republic of Tatarstan actively interacts with entrepreneurs, thanks to which we can promptly inform business about the adjustment of preferential policies. The fact that today companies can apply for online support measures through the ФАСТТРЕК.РФ platform allows us to process applications as quickly as possible and provide financial products to Tatarstan residents on new conditions immediately after decisions are made by the Central Bank of the Russian Federation”, said Farid Abdulganiyev, Minister of Economy of the Republic of Tatarstan.

Let us recall also that from October 2019, the Entrepreneurship Support Fund of the Republic of Tatarstan launched online acceptance of applications for microloans through the ФАСТТРЕК.РФ Internet platform. To obtain this support measure, entrepreneurs need to send an electronic application and the required list of documents for approval to the relevant structures through the ФАСТТРЕК.РФ portal. After that, the applicant simply monitors the progress of consideration of his application and execution of the request. Statuses about the intermediate stages of approval are displayed in the user’s personal account on the portal. This method of approval of applications eliminates the inconvenience associated with the need to make an appointment with representatives of departments, and wait for the consultation time in line. The entire approval process from the time of application submission takes no more than 10 working days instead of one month, as it was before.