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09 June 2022, 10:19

Belarus' Development Bank supports almost 6,500 SME projects

MINSK, 9 June (BelTA) - Almost 6,500 projects for more than Br1.7 billion have been implemented since 2014 thanks to the SME financial support program of the Development Bank of Belarus, head of the small and medium business support department of the Development Bank of Belarus Yulia Medvedeva said in an interview to the Belarus 1 TV channel, BelTA has learned.

“Support for small and medium-sized enterprises is one of the focal points of the Development Bank policy, including loans. Support options are different: in the current and short term, as well as in the future and long term. This is venture financing, crowdfunding, digital platforms for business to receive all necessary state business services online,” said Yulia Medvedeva.

The areas of activity are varied, but the most popular and well-known in the country is the program of financial support for small and medium-sized businesses from the Development Bank. It has been running since 2014 and is aimed at expanding the access of these entities to loan resources, opportunities for financial leasing operations to implement projects at various stages of their business development. “Over the time of the program, as many as 6,500 projects were implemented for a total amount exceeding Br1.7 billion. These are the results we can be proud of,” Yulia Medvedeva said.

“The uniqueness of the program lies in the special criteria for selecting small and medium-sized businesses. Our clients are micro, small and medium-sized organizations with up to 250 employees. We always take into account the revenue they generate - it should not exceed Br35 million. We also try to support only private business: the share of the state should not exceed 25%. In turn, the share of residents must not exceed 49%. There are other criteria, which are publicly available,” said Yulia Medvedeva.

According to the specialist, the Development Bank offers transparent and clear rules and conditions to everyone. The aim is to make the program accessible to small and medium-sized businesses in any part of the country. Clients can apply to partner banks (14 of them) and also six leasing organizations. The program can be used even in a small town - there is no need to go to the regional center.

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