RF Government expands industrial mortgage mechanism
The planned volume of subsidies for this year stands at RUB 1.3 billion
RF Government has expanded the industrial mortgage mechanism. Now, the real sector companies can get a low-cost loan for the building, upgrading or renovating factory premises, Prime Minister Mikhail Mishustin said at the meeting with deputy prime ministers on current issues held on 10 April 2023. According to Mikhail Mishustin, a relevant resolution has been signed.
“Given the high demand for this measure, the planned volume of subsidies for this year stands at 1.3 billion roubles. Minister of Industry and Trade and Deputy Prime Minister Manturov and I have reached an agreement on that. If needed, we will make more funds available,” said the Prime Minister according to the meeting transcript published on the official website of the Government. The subsidized loan portfolio is to make at least RUB 45 billion.
The cost of 1 square meter of facilities under construction, modernization and renovation is not to exceed RUB 90 thousand; real asset cost – not to exceed RUB 75 thousand in Moscow, Moscow Region and Saint-Petersburg, or RUB 50 thousand tonnes in other regions.
In the framework of the programme, the loans are provided for up to 7 years at a reduced rate of 5% per year. For innovative technological companies the rate is set at 3% per year. The difference between the reduced and market rates is to be covered by the state. The maximum loan is set at RUB 500 million.
The industrial mortgage programme was launched in 2022. This mechanism lets industrial enterprises optimize their expenses for acquisition of new premises, facilitate the expansion of production and launching of promising projects as well as generation of jobs.