MSP.RF Microfinance Expands for SMEs Across 83 Russian Regions
Small and medium-sized enterprises across 83 regions of Russia benefited from more than four thousand microloans totaling over 10 billion rubles through the Selection and receipt of microfinance service on the MSP.RF digital platform. An official from the SME sector described these results, signaling a broad reach of online microfinance tools for businesses of all sizes.
The organization noted that this volume represents twenty seven percent of all microloans issued by government microfinance organizations in the first nine months of 2024, underscoring MSP.RF’s growing share in state-backed SME funding.
Since last autumn, small and medium-sized businesses have been able to apply for and receive microfinance through the MSP.RF online service, which has streamlined access to credit for entrepreneurs nationwide.
“The average size of such a loan was 2.4 million rubles, the average loan maturity was 2.5 years, and the weighted average rate was 7.3 percent, which is two to three times lower than bank loan rates. The average time from the moment of application to the signing of the contract is 14 days”, the official noted, highlighting the efficiency and affordability of these facilities.
Additionally, 81 percent of the total microloan volume through the digital platform went to microenterprises, which are often the SMEs that face the most difficulty in securing funds from traditional banks.
The data showed that almost two-thirds of microloans were used to replenish working capital, while about a third were issued for investment purposes. Microfinance remains most in demand among entrepreneurs in trade and services, accounting for 27 percent of the total volume, with services contributing 24 percent and production 18 percent.
Online microfinance through MSP.RF has positioned the Irkutsk region as a leader in regional microcredit activity, issuing 218 loans totaling 647.2 million rubles. The Udmurt Republic followed with 204 loans totaling 541.9 million rubles, while Chuvashia ranked third with 153 loans worth 504.3 million rubles.
The program and its online access to microfinance are implemented as part of the national project for small and medium-sized enterprises, aiming to boost digital finance channels for SMEs across the country.