Credit holidays for small businesses postponed until mid-2025

In February, Vladimir Putin, speaking in a message to the Federal Assembly, proposed providing small businesses with the opportunity to take credit holidays for up to six months every five years without deteriorating their credit history. The corresponding order with a deadline of June 1, 2024 was later published on the Kremlin website.

At the same time, as the Central Bank noted, the initiative was not submitted to the State Duma until July 30 and has not yet passed the first reading. After its approval, the document will come into force only after 180 days, the press service of the regulator noted.

The maximum loan amount for which it will be possible to obtain a grace period for micro-businesses will be 60 million rubles, for small businesses – 400 million rubles, for medium-sized businesses – 1 billion rubles, and for the self-employed – 10 million of rubles. , reported the Central Bank. During the grace period, interest will accrue at the rate stipulated in the agreement, however, if the key rate changes, interest will be changed to the key rate + 1 percentage point, the regulator explained.

“Credit holidays for small businesses will not appear before mid-2025, as the process of introducing such a mechanism takes a long time. It needs to be worked out carefully, taking into account the interests of the debtor and the creditor,” Natalya Milchakova, leading analyst at Freedom Finance Global, told Izvestia.

According to Dmitry Abbakumov, coordinator of Business Russia in the Central Federal District, the introduction of credit holidays is extremely important for companies against the background of a record key interest rate, which can pose serious risks for the sector. “Credit holidays in this case are a respite, an opportunity to regain strength and pay these loans,” explained the expert.