The Ministry of Economic Development and the SME Company are advancing a new initiative to back small and medium enterprises in the recently incorporated regions of Russia. This plan has been outlined across regional sections.
As reported by the Ministry of Economic Development, by February 10, 2023, more than 46,000 enterprises located in the Donetsk People’s Republic, Luhansk People’s Republic, Kherson, and Zaporozhye regions had obtained SME status.
The emphasis is on building a robust support framework that includes state microfinance programs, regional guarantee institutions, and My Business centers designed to foster entrepreneurship in these areas. In addition, a business loan program at favorable rates will be necessary to stimulate activity.
According to Tatyana Ilyushnikova, Deputy Head of the Ministry of Economic Development, cited in the briefing, the department, in collaboration with the SME Company, is working on an extended program to support small and medium-sized enterprises in the new Russian regions.
SME’s press service, formerly the operator of the National Guarantee System, continues to provide guidance for small and medium business owners and notes that loans supported by regional guarantee organizations last year surpassed 292 billion rubles in volume through the guarantee framework.