The Russian Ministry of Finance has prepared a draft law providing for the exclusion of loans for construction activities from the upcoming restrictions on variable interest rates on loans to microenterprises. In this respect he is writing “Rossiyskaya Gazeta” with reference to the relevant government draft resolution.
The agency fears that if this is not done, housing and hotel prices will increase.
Real estate companies often run projects on the balance sheet of a separate specially created organization and can be classified as microbusinesses. For companies building residential real estate, a weighted average loan rate has been established, consisting of two components: basic and special. The base rate, as a rule, is variable and is charged on debt that is not covered by escrow accounts (a special bank account in which money is kept until certain conditions are met – Ed.). The second rate is a fixed rate applied to the portion of the debt that is covered by funds in escrow accounts.
Currently, the State Duma is considering a bill proposing to establish limits that would limit the size of changes in floating interest rates for microbusinesses to no more than four percentage points from the key interest level at the time of signing the agreement.
Sberbank in the first half of the year gave up small businesses online more than 270 billion rubles.