Russian President Vladimir Putin has proposed to launch a new mechanism to support lending to small and medium-sized businesses this year.

He said the authorities were ready to take further steps to support entrepreneurship.

"First - I propose to launch a new mechanism to support lending to small and medium-sized businesses already in 2021," - said the head of state at the plenary session of the St. Petersburg International Economic Forum.

According to him, the guarantee will be presented by the SME Corporation.

He clarified that it is the so-called umbrella provision of guarantees, that is, SME Corporation as an institution of development will issue guarantees for loans partner banks.

"In fact, (the corporation) will take some of the risks of small and medium-sized businesses, making credit more accessible to them. It is estimated that this will allow entrepreneurs to attract an additional resource for development in the amount of at least 600 billion rubles by 2024," Putin added.

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Author: Ksenia Gustova