27 Mar 2020 19:02

VEB to guarantee up to 100 bln to banks for lending to small businesses - Shuvalov

MOSCOW. March 27 (Interfax) - VEB will provide guarantees with a total amount of up to 100 billion rubles to banks for lending to micro and small businesses, said VEB Chairman Igor Shuvalov, quoted by the press service of the state corporation.

"In the current circumstances, it is critically important to support entrepreneurs and work collectives. Under the new mechanism, VEB.RF will provide guarantees of up to 100 billion rubles to the largest banks and SME Bank for lending to micro and small businesses," said Shuvalov.

"Within the guarantee coverage, VEB will provide a guarantee of 75% of the loan. The program should cover entrepreneurs with a total number of employees of about 1.5 million people," said the head of VEB.

Earlier on Friday, Prime Minister Mikhail Mishustin held a meeting to discuss the launch of preferential lending programs for SMEs and microenterprises, which faced financial problems due to coronavirus.