Greenhouse farms that received a state-supported loan to erect, reconstruct or modernise a greenhouse complex will be able to repay their obligations later, as they have had the repayment period extended to 12 years.

The corresponding decision was accepted by the Government of the Russian Federation.

Before the maximum term of the given credit was 8 years. It is noted that the new 12-year period has been determined for a reason. It is connected with the fact that the construction of greenhouse complexes requires considerable capital expenses. On the average it takes from 10 to 12 years for the project to pay off.

To prolong the term of repayment for 4 more years it is necessary to apply to the bank and sign an additional agreement for prolongation of credit use.

It should be noted that these terms can be used by those who took a loan before 2017. Also, agricultural companies may defer payments on principal debt for the current year for all loans, which were issued before 2017 and with the support of the state.

The measures taken, as the government expects, will help stabilize the financial and economic sustainability of agricultural companies, whose operations have been affected by the pandemic.

Made in Russia // Made in Russia

Author: Ksenia Gustova