Authorities plan to reduce preferential lending programs for small businesses – Vedomosti

This scenario appeared in one of the possible options of the menu of tools for the development of small businesses for the period 2025-2030.

If it is decided to abandon preferential programs, the budgetary costs will be limited to continuing to subsidize already issued loans. This will require 150 billion rubles.

Maintaining preferential programs will cost 370 billion rubles over the next six years, of which 220 billion rubles will be spent on new issues. This will allow SMEs to obtain loans worth about 2 trillion rubles.

We are talking about two preferential loan programs for SMEs: “1764” and an investment program for companies in priority sectors.

The authorities are hesitant to continue the preferential programmes because of their increasing cost to the budget due to the key rate. Banks themselves are also not interested in granting loans, as the amount of the subsidy does not cover their credit risks.

• The “1764” program was launched as part of the national project for the development of SMEs in 2019. The subsidy to banks is calculated at a key rate, reduced by 8.75 and 7.75% for small and medium-sized businesses, respectively. The maximum rate is 15.75%; on July 26, the Bank of Russia decided to increase the key rate to 18%.
• The investment program for enterprises in priority sectors began operating in 2023. It combines two types of support: subsidies under “1764” and preferential financing under the credit incentive program (LSP) of the Bank of Russia and the SME Corporation. The rate does not exceed 9% for small businesses and does not exceed 7.5% for medium-sized businesses. For loans for investment purposes (which currently dominate the issuance statistics), the government reimburses banks the difference between the key rate reduced by 5%.