Loan Guarantee Agency starts working in Russia

2nd July 2014

It is planned that the new organization will increase the share of the SME sector in the economy

On June 30, Deputy Economic Development Minister Evgeny ELIN gave a start to the Loan Guarantee Agency. New organization is headed by Galina IZOTOVA.

The Agency plans to issue loan guarantees for small and medium business in the amount of 350 billion rubles by 2019, taking into account regional guarantee funds, this amount can approximate to 580 billion rubles.

This year, the Agency plans to issue guarantees in the amount of 51.2 billion rubles, including regional funds - nearly 180 billion rubles.

Thus, it is planned to meet the challenges of economic development and increase the share of the SME sector in the economy and in the structure of investments in fixed assets, and increase the number of new or upgraded high-performance jobs.

Loan Guarantee Agency is designed to empower SMEs in obtaining long-term credit resources for their own development and, at the same time, encourages banks to improve credit conditions.

Aims oftheAgency:
• creating a unified information system of regional guarantee organizations,
• coordinationand monitoring of regional guarantee organizations,
• improving the efficiencyof their activities.

Currently, an additional demand of SMEs in long-term loans for investment purposes, according to various expert estimates, ranges from 490 to 900 billion rubles a year.

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