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Business Duty Officer

Ekaterina Avdeeva - on the mechanisms to support import substitution

Ekaterina Avdeeva - on the mechanisms to support import substitution

During the period of structural transformation, the adjustment of the cost of investment loans is aimed at support for the import substitution mechanism. Access to cheap loans for investment purposes should be given to SMEs and manufacturing enterprises, including counterparties of state-owned companies under offset contracts.

Reducing lending rates for the creation and modernization of production is a demanded measure. Such support has already brought results - business activity increased in July, 13% companies reported sales growth. This indicates that, that the emphasis has shifted in favor of finding mutually beneficial public-private partnerships, building a dialogue between business and government, reformatting processes in difficult conditions. Today, entrepreneurs see support measures as an opportunity to find a foothold and set the right vector for development.

However, lowering lending rates is not enough, which rests on the reduction of the key rate. Such loans will be issued only for a grace period of three years.. Then, for another two years, the conditions will be calculated according to the formula: key rate at the date of signing the contract plus no more than 2,75%. Central Bank rate now 8%, that is, at the end of the grace period, the rate on business loans will be almost 11%. An increase in the preferential rate in almost 3 times may trigger additional credit risks, up to bankruptcy.

For the effective functioning of import substitution, businesses need cheap money to restructure their processes, development and modernization of its production facilities to build work on new niches of the economy. However, it is important to consider preventive measures as well., aimed at protecting entrepreneurs from their misuse of funds.

In Russia, there is a request for support for logistics, manufacturing and tourism companies, as well as the agro-industrial complex. These are representatives of the most sensitive to crisis manifestations of micro- and small business, who will be the main beneficiaries of the program. Organizations can also take advantage of soft loans, who will conclude offset contracts under 223-FZ and participate in training programs for suppliers - SMEs.

Statistics of the Ministry of Economic Development show a significant increase in the involvement of businesses in subsidy programs. As of 1 January 2022 y. current portfolio of the concessional SME lending program, formed under loan agreements with 30,8 thousands. SMEs, made up 1,06 trillion rubles. In 2021 concluded 15,9 thousands. loan agreements, the target was met for 2021 year in terms of the volume of loans at a preferential rate to SMEs in the amount of 530 billion rubles. Thus, a new round of concessional lending will contribute to the strategic balancing of public and private interests, which are so necessary for the global restructuring and "reversal" of financial flows.

Besides, in the Russian Federation, it is necessary to continue systematic work to free business from excessive control. Here it is very important to systematically provide business with information about all existing support measures., changes in them and the introduction of new mechanisms of assistance. Besides, there are a huge number of human rights organizations in our country, more than in Europe, and it is the consolidated union of protective institutions for business that will create that synergy, which is being transformed into a global framework for the protection of businesses and entrepreneurs in Russia.

Taking into account the above, you can seriously think about creating a hotline for business on the basis of the MFC using the example of the “one stop shop” system. Such an institution will enable entrepreneurs to consult on the provision of support measures., as well as in cases of administrative, power and sanctions pressure.

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