The Sverdlovsk Regional Entrepreneurship Support Fund has recently provided Sensor, a Urals manufacturer that delivers proximity sensors and switches to European Union countries, with financial assistance to help increase the company's production capabilities 35 percent by 2017.
Serge Chursin, director of Sensor, said his company is the leader among only three Russian businesses that develop waterproof and cold-resistant switches and sensors. Sensor's main customers are involved in metallurgy, the food industry and engineering.
"We purchased the system for soldering and cutting machine, which allowed to increase production capacity," Chursin said. "This is very helpful. Proximity sensors are now available not only for Russian companies, but also enterprises of Belarus, Germany and Poland."
Sensor is also a developer of new technology in the field, and has its own design and testing bureau. The company's line thousands of products.
"We hope that the timely financial support for such enterprises will allow them to develop and increase production, it is necessary in the current economic situation for import substitution,” the regional fund's director Eugene Kopelyan said. “This year, the owners can count on compensation costs for equipment upgrades, subsidizing interest rates on loans, preferential investment loans, guarantees on bank loans and guarantees, and micro-loans. For these types of support in addition to funds from the regional budget is planned to attract funding from the federal treasury.”
Since 2014, the fund has awarded 122 grants to manufacturing companies totaling $7.25 million.