Tatarstan entrepreneurs participating in purchases have access to bank guarantees at a reduced rate

15 October 2021, Friday

The regional Guarantee Fund subordinated to the Ministry of Economy of the Republic of Tatarstan has signed a cooperation agreement with the leading independent platform of Russia, Goodfin, for issuing bank guarantees. Thanks to cooperation with the platform, entrepreneurs will have the opportunity to receive support at reduced rates from January 1, 2022.

The cooperation agreement will enable Tatarstan entrepreneurs to receive support from the Guarantee Fund of the Republic of Tatarstan to ensure participation in procurement. The Regional guarantee Organization will provide "independent guarantees" in accordance with Federal Law No. 44-FL of April 5, 2013 "On the contract system in the field of procurement of goods, works, services for State and Municipal needs".

Securing an application for participation in procurement is a requirement that the customer or an authorized body has the right to establish, as a rule, it is cash or a bank guarantee. After the end of the procurement procedure, the funds allocated for the provision will be returned in full to bona fide participants.

At the moment, credit institutions charge a commission for the provision of this service in the amount of at least 2% of the amount of the guarantee provided. The support of the Guarantee Fund will allow small and medium-sized businesses to significantly reduce costs and receive guarantees at a rate of 1.2%.

The platform will allow SMEs to quickly and conveniently apply for a guarantee directly through their personal account and receive a solution from the Guarantee Fund of the Republic of Tatarstan within a few hours. Thus, entrepreneurs receive "independent guarantees" remotely, 24/7, in compliance with the requirements of current legislation.

"I am sure that the use of best practices, convenience, speed, automation of the issuance process, the accumulated long-term practice of the platform will allow the Guarantee Fund of the Republic of Tatarstan to provide entrepreneurs with the service and speed they are used to when contacting banks. The possibilities of flexible regulation of pricing policy, state support measures will enable Tatarstan entrepreneurs to receive an independent guarantee at the lowest percentage in the segment," said the Director of the Guarantee Fund of the Republic of Tatarstan Rustem Mukhamedshin.

"It is clear that the recipients of the service are customers of small and medium-sized businesses. The main thing is that the whole process from submitting documents to approval and issuance takes place online. Tatarstan has become the first region where new approaches to work will be worked out for us, and in the future we plan to expand cooperation with guarantee funds throughout the country," said Murad Jalilli, the commercial director of the Goodfin platform.

It should be noted that in total, by the end of 2020, 47.954 contracts for participation in purchases in the amount of 69.2 billion rubles were concluded with small and medium-sized businesses in the Republic of Tatarstan.

For reference:

Goodfin is an online financial platform for businesses and individuals. The site has implemented all the necessary functionality for the participants of the state order: from the search for tenders to the issuance of a tender loan, a loan for the execution of a state contract and registration of bank guarantees.

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