Russian banks to start extending interest-free loans to SMEs on April 8
Sberbank, VTB, MSP-Bank, Promsvyazbank, Gazprombank, Alfa-Bank and Otkritie will start extending interest-free loans to small and medium enterprises in support of employment and payment of salaries to the personnel, a spokesperson in the secretariat of First Deputy Prime Minister of Russia Andrei Belousov told TASS on Monday.
The Central Bank will allocate 150 bln rubles ($2 bln) for these needs, the spokesperson said. "First Deputy Prime Minister Andrei Belousov ordered to accelerate money allocation to banks for wage fund lending of small and medium business, in sectors that are the most affected by consequences of the coronavirus infection spread. The Central Bank will allocate 150 bln rubles ($2 bln) for these purposes," the Secretariat said.
"Sberbank, VTB, MSP-Bank, Promsvyazbank, Gazprombank, Alfa-Bank and Otkritie are in the first line of banks to receive money from the Central Bank. These banks will start large-scale money provision to businessmen in support of employment starting from Wednesday, April 8. Sberbank and VTB already started lending of the small business for salaries and wages at 0% interest rate early last week. The Ministry of Economic Development is currently performing an additional qualification of banks to receive the subsidy," the spokesperson added.
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The Central Bank will allocate 150 bln rubles ($2 bln) for these needs, the spokesperson said. "First Deputy Prime Minister Andrei Belousov ordered to accelerate money allocation to banks for wage fund lending of small and medium business, in sectors that are the most affected by consequences of the coronavirus infection spread. The Central Bank will allocate 150 bln rubles ($2 bln) for these purposes," the Secretariat said.
"Sberbank, VTB, MSP-Bank, Promsvyazbank, Gazprombank, Alfa-Bank and Otkritie are in the first line of banks to receive money from the Central Bank. These banks will start large-scale money provision to businessmen in support of employment starting from Wednesday, April 8. Sberbank and VTB already started lending of the small business for salaries and wages at 0% interest rate early last week. The Ministry of Economic Development is currently performing an additional qualification of banks to receive the subsidy," the spokesperson added.
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