Monday, July 16, 2018

Sverdlovsk region receives $18.38 million to support small businesses

The Sverdlovsk region recently received $18.38 million from the Russian government to be used to support small businesses.

The total amount the Middle Ural government will be allocating to the assistance of start-up entrepreneurs is estimated at $27.56 million, with most of the funds channeled into the development of the regional economic sector.

According to the Ministry of Economy of the Sverdlovsk region, the funds are allocated primarily to upgrade manufacturing equipment, finance costs of technical connection to utility systems and to improve the energy efficiency of production facilities. Non-financial instruments such as marketing advice services, assistance in writing business plans and lectures from experienced entrepreneurs, have grown in popularity in the support of small businesses.

Authorities will also provide financing to municipal foundations for small business support. Yevgeni Kopelyan, the executive director of the Sverdlovsk Regional Small Business Support Foundation, said the government seeks to support businesses dealing with folk crafts and arts, and environmental and rural tourism. This year will be the first time subsidies will be given to daycare centers.

There will also be special attention paid to innovation businesses with subsidies allotted to mature and beginning entrepreneurs. Approximately $5.51 million has been allotted to the development of the innovation business. Sector representatives will offer specially developed training programs and advisory services to help small businesses get a foothold in the market.

Data from the Sverdlovsk Regional Small Business Support Foundation shows that from January to May, 1,867 people visited entrepreneurship courses.