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23 May 2022, 17:19

Belarus' Development Bank to expand support for SMEs in 2022

An archive photo
An archive photo

MINSK, 23 May (BelTA) – In 2022 the Development Bank of the Republic of Belarus plans to significantly increase the amount of funds allocated to support small and medium-sized businesses, BelTA learned from the bank.

“Promoting small and medium-sized businesses is one of the main priorities for the Development Bank. For more than seven years, the bank has been implementing its own unique program to support small and medium-sized businesses. Over this period more than 6,300 projects estimated at over Br1.1 billion received financing. This year, as part of the government policy to ensure the stable functioning of the economy, the Development Bank plans to significantly increase the amount of funds allocated to support small and medium-sized businesses,” the bank informed.

At present, the bank offers a total of 11 loan programs targeting various groups of borrowers: women entrepreneurs, environmental projects, start-ups, local businesses, etc.

Taking into account the current situation and economic development priorities (meeting the needs of the domestic market, maintaining the existing market shares while redirecting export flows), the bank's loan policy will focus on import-substituting and export-oriented investment projects. For this purpose, a new loan product has been developed. Loans will be provided through partner banks at a minimum interest rate of 7.5% per annum.

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