In Tatarstan, along with the reduction of the key rate, the Central Bank of the Russian Federation lowered the interest on microloans for business

Tatarstan lowered the interest rate on microfinance products for business. The initiator of the changes was the Ministry of Economy of the Republic of Tatarstan in response to the wishes coming from the entrepreneurs of the republic and the reduction of the key rate of the Central Bank of the Russian Federation. The initiative was supported by the President of Tatarstan Rustam Nurgalievich Minnikhanov at a meeting with businesses dedicated to the Day of Russian Entrepreneurship.

It is worth noting that the government of Tatarstan earlier, when forming the republican package of measures in response to sanctions pressure in April 2022, retained interest rates and equated them to the value of the key rate of the Central Bank of Russia, which was in effect until its increase to 20 points. Yesterday's rate cut by the Central Bank of the Russian Federation made it possible to revise the terms of microloans and make them even more beneficial for recipients.

“In the current economic conditions, preferential microfinance remains one of the popular support measures, it allows businesses and the self-employed to develop, modernize and expand production, create and maintain jobs without attracting their own funds. We, in turn, understand how important it is to make the conditions of microloans as comfortable and acceptable as possible for our entrepreneurs, we are in constant feedback with them and take into account suggestions,” said Tatarstan Minister of Economy Midkhat Shagiakhmetov.

The changes have affected one of the most popular microfinance products "Assistance", here the rate has been reduced from 13.5 to 9% per annum, the program is designed for the widest possible range of recipients and allows you to attract up to 5 million rubles for up to 2 years. "Import substitution" is another product with easing conditions, for which the rate has been reduced from 9 to 7%. A microloan of up to 5 million rubles for a period of up to 3 years is suitable for SMEs from the fields of agriculture and manufacturing to find replacements for goods, raw materials and materials produced in unfriendly countries.

Now the portfolio of the Entrepreneurship Support Fund subordinated to the Ministry of Economy of the Republic of Tatarstan includes 6 microfinance products, with an interest rate of 0.1 to 9%. Microloans cover all areas of entrepreneurial activity - social entrepreneurs, exporters, self-employed, farmers, manufacturing enterprises and others. This year, the amount of republican financial support has already exceeded half a billion rubles.

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