Prime Minister Mikhail Mishustin has signed a new concessional lending program to support entrepreneurs from the most affected industries, the press service of the Cabinet of Ministers said.

A total of 7.7 billion rubles has been allocated for this program. Both small and large companies of the hotel and restaurant business, the sphere of culture, tourism, sports and entertainment can take part in it.

The size of the loan will depend on the number of the organization's employees, but the maximum amount will not exceed 500 million rubles. Funding will be granted to those borrowers who undertake to save at least 90% of jobs during the term of the loan agreement. The amount of support is calculated based on minimum wage 12.8 thousand rubles per employee for 12 months.

The interest rate in the new format will be 3%. The credit can be taken out for one year from March 9 to July 1 this year. During the first six months, the borrower may not repay the debt or pay interest, but starting from the second half of the year, the borrower can do this in equal monthly installments.

Made in Russia // Made in Russia

Author: Ksenia Gustova