Soft loans under new terms to businesses exceeded 100 mln rubles in 24 hours – Sberbank

TASS Russian News Agency | Jan 13, 2021 at 2:58 PM

MOSCOW, January 13. /TASS/. Sberbank has already provided Russian entrepreneurs with more than 100 mln rubles ($1.3 mln) under a concessional lending program at 7% per annum, the bank's press service reported on Wednesday.

On Monday, the Russian government lowered the maximum rate for loans granted to small and medium-sized businesses from 8.5% to 7% per annum.

"All clients of the bank who applied for a loan at a rate of 8.5%, upon approval of the application, will receive financing under new terms - at a reduced rate of 7%. During the first day of the new conditions, Sberbank has already signed six agreements worth more than 100 million rubles," Deputy Chairman of the board of Sberbank Anatoly Popov said as quoted by the press service.

He noted that the bank positively assesses the initiative of the Russian government to reduce the rate to 7% under the concessional business lending program. According to him, the new conditions "will make the program more accessible to entrepreneurs and will help them not only support their current activities, but also develop business and launch new investment projects."