Farmers of Tatarstan will be able to get a deferment of payments on soft loans
The Ministry of Agriculture and Food of the Republic of Tatarstan reports that producers and processors of agricultural products will be able to extend the previously taken preferential short-term loan for a year. According to Victoria Abramchenko, Deputy Prime Minister of the Russian Federation, this will be one of measures to support the industry amid the spread of coronavirus.
The deferral on preferential loans will let small businesses to postpone the payment of accrued interest on a preferential short-term loan that expires in 2020 for a year. Another possibility is to defer payments on accrued interest and principal on a preferential investment loan.
For these purposes, the Government will allocate additional 4 billion rubles from the federal budget in 2020 and 6 billion rubles in 2021. The draft decision on the allocation of subsidies to banks to reimburse the lost incomes on soft loans has already been prepared by the Government.
It should be noted that under the concessional lending program, farmers have access to loans at a rate of 1 to 5% per annum.