Sverdlovsk entrepreneurship fund begins taking applications for micro-loans
Established businesses may apply for loans ranging between $2,700 and $27,600 to be used as short-term cash injections for their operations. Additionally, the fund is encouraging novice entrepreneurs--those whose businesses have been in operation for less than a year--to apply for a loan for use as start-up capital.
The fund plans to distribute a total of $3.2 million this year in short-term loans. The loan agreement calls for established businesses to repay the loan amount within three years at an interest rate of 10 percent. Start-up loans for entrepreneurs may be granted in amounts of up to $14,000 and include a repayment grace period of three months.
"Micro-loans are a universal financial support for businesses that need a relatively small amount of money to invest in its assets or working capital," Yevgeny Kopelyan, the head of the fund, said. "This year, we plan to issue more than 100 micro-loans to small and medium-sized enterprises of the Sverdlovsk region."
Businesses seeking to apply for one of the Sverdlovsk Regional Entrepreneurship Support Fund's micro-loans may complete an application online at www.sofp.ru. The fund will close the application process on Aug. 29.
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