In Tatarstan, the repayment period of microloans for businesses has been increased to 3 years

The Ministry of Economy of the Republic of Tatarstan, based on the feedback and wishes of the business community of the republic, has increased the maturity of 7 microfinance products for businesses and self-employed citizens from 2 to 3 years.

In November 2021, at a meeting with the business community in Naberezhnye Chelny, President of the Republic of Tatarstan Rustam Minnikhanov said that the regional authorities would work to increase the repayment period for microloans from the Entrepreneurship Support Fund subordinate to the Ministry of Economy of the Republic of Tatarstan. A corresponding request was sent to the Ministry of Economic Development of the Russian Federation. By decision of the federal department, starting from February this year, entrepreneurs of the republic have the opportunity to apply for a microloan for up to 3 years.

An increase in the repayment period of microloans will reduce the financial burden on businesses, which is especially important during the period of restrictions that remain due to the unstable epidemiological situation. Also, often, the life cycle of many projects is more than two years, the entrepreneur usually pays off in the third year of work, and financial support during this period is an important component for the successful implementation of a startup.

The focus of preferential microfinance is the widest possible range of entrepreneurs - social entrepreneurs, exporters, residents of technology and promo parks, farmers, as well as start-up entrepreneurs. A three-year repayment period is available for the following microfinance products implemented by the Entrepreneurship Support Fund: Drought, Start, Self-Employed, Industrial Parks, Export Support, Social Entrepreneurship and Reboot.

Preferential microfinance allows small companies, micro businesses and even start-ups to receive up to 5 million rubles at a preferential rate of 0.1% for a period not exceeding three years. Support is provided within the framework of the national project "Small business and support for individual entrepreneurial initiatives."

For advice on all existing support measures, entrepreneurs of the republic can contact by phone: 8 (843) 524-90-90.