A decree establishing Loan Guarantee Agency signed

6th May 2014

The decree of May 5, 2014 № 740-r on creating non-bank deposit-credit organization “Loan Guarantee Agency” is published on the website of the Russian Government

Federal Guarantee Fund will be established in Russia. Decree of May 5, 2014 № 740-r on creating non-bank deposit-credit organization “Loan Guarantee Agency” was signed by the Chairman of the Government of the Russian Federation Dmitry MEDVEDEV.

“Building a national system of guarantee organizations and establishing Loan Guarantee Agency as its core will make a significant contribution to improving the availability of credit resources for the implementation of SME investment projects in non-trade sector, will help reduce the risks of long-term lending to medium-sized businesses and will allow creating a comprehensive guarantee support system for small and medium business”, - says the summary to the document, which is published on the Cabinet’s website.

The document was developed by the Russian Ministry of Economic Development in accordance with the decisions taken at the meeting of the Russian Government dated February 5, 2014 № 4.

Creation of a specialized federal guarantee organization and a national system of guarantee organizations is based on the experience of OECD countries and results of regional guarantee organizations.

The only founder of the Agency is the Russian Federation represented by the Federal Agency for State Property Management.

The main objectives of the Agency are:

- reducing credit risk of SME investment projects through their division with credit organizations and other financial institutions;

- improving the conditions of lending to SMEs;

- increasing the long-term lending to SMEs;

- increasing the capacity of regional guarantee organizations to provide surety for SME loans;

- methodological and information support of the national guarantee institutions system, increasing the efficiency of regional guarantee organizations.

Procedure for forming authorized capital of the Agency is established in its charter. The size of the authorized is 50 billion rubles and it is divided into 5 million ordinary shares with par value of 10 thousand rubles each.

The Agency’s five-year business plan (taking into account the authorized capital in the amount of 50 billion rubles) provides the following financial and economic performance:

- aggregate amount of guarantees issued - at least 439.9 billion rubles;

- aggregate amount of guaranteed loans to SMEs - 824,9-879,9 billion rubles;

- total amount of guarantees issued - 7321-7732 contracts.

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