The Industry Development Fund has determined that Ural industrial businesses will be able to apply for loans at the rate of 5 percent per year.
According to the report from the government of the Sverdlovsk region, more than 40 projects from the Sverdlovsk region were included in the fund’s preliminary collection of loan applications for industrial businesses.
Such loans will encourage equipment modernization, business development and import substitution.
Domestic businesses are also welcome to apply for loans. Businesses involved in import substitution will receive first consideration.
Over 25 percent of the businesses based in the Sverdlovsk region depend upon the fund’s support. The majority of these businesses manufacture machines.
"We are working with the newly created Development Fund industry, which has the task of funding investment companies long-term loans at 5 percent per annum,” Andrey Misura, the minister of Industry and Science, said. “Since we met the head of the fund on Dec. 17, we have assisted companies for proposals — we went through 41 projects of Ural enterprises." She added, "We continue to accept applications.”
These plans have been made in accordance with the measures implemented by Gov. Eugene Kuyvashev to develop the industries in the Middle Urals.
Applications for import substitution and industrial development loans are key to attaining the economic goals outlined by Russia’s leaders.