Businessmen will be able to receive microloans up to 3 million rubles

On March 29, 2016 there have come into force the amendment to the microfinancial legislation which significantly change an order of business of MFO and enter new measures for protection of the rights of borrowers of the microfinancial organizations. Main changes:

1. The amount of debt before MFO will be limited.

Since March 29, 2016 the debt of the borrower – the natural person before the microfinancial organization for a loan for the term of less than 1 year will be limited: the sum of percent on a loan can't exceed the sum of a principal debt more than four times.

2. Businessmen will be able to obtain loans up to 3 million rubles.

The new law provides increase in the extreme sum of a microloan for businessmen from 1 million to 3 million rubles. At the same time the maximum size of a microloan for natural persons remains at the former level – 1 million rubles.

3. Microfinance companies will be divided into two types.

The law provides division of the microfinancial organizations into microfinance companies and microcredit companies. For obtaining the status of the MFO microfinance company has to have the capital not less than 70 million rubles and execute some other requirements of the Bank of Russia. For the microcredit companies of restriction on the size of the capital aren't provided.

4. Private investors will receive a priority at bankruptcy.

The natural persons investing the means in microfinance company acquire the right of priority satisfaction of the rights of the requirement at bankruptcy of the microfinancial organizations.