The government introduces a new type of support for light industry

4th September 2015

Companies related to the light industry (textiles, clothing, footwear, leather and fur production) will receive additional support from the state. The companies will be able to take loans for the purchase of materials at reduced rates. This decree was signed by the Prime Minister of the Russian Federation Dmitry Medvedev.

Information about the document is published on the website of the Government of the Russian Federation. The meaning of subsidies is that the percentage of loan funds used by light industry enterprises to purchase raw materials in total loans varies from 50 to 85%, say the representatives of the Russian Government.

Now the government is ready to return 70% of the refinancing rate on such loans to enterprises. This is a little less than six percent. At the current level of interest rates on such loans – 15-25 percent. The subsidy can be received quarterly. The companies will have to apply to the Ministry of Industry of the Russian Federation and provide several documents.

“As a rule, credit funds are widely used by large and medium-sized enterprises due to the fact that their operation requires considerable volumes of carryover stocks of raw materials. In addition, production in light industry has seasonal nature. During low season stocks enable enterprises of light industry to align the production flow, to maintain a stable level of the number of workers and wages of staff and guarantee the fulfillment of obligations under large contracts”, say in the Government of the Russian Federation.

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