Russia launches preferential loans for businesses hit by drone attacks

Russia has launched a preferential lending programme to support small and medium-sized businesses affected by attacks on facilities operated by online retailer Wildberries, according to the Ministry of Economic Development and the Central Bank.

Under the programme, eligible businesses will be able to borrow between 500,000 and 500 million rubles to replenish working capital and cover day-to-day operating expenses. Loans will be provided for up to 18 months, Caliber.Az reports per Russian media. 

The interest rate will be set at the Central Bank’s key rate plus three percentage points, the authorities said.

Businesses that do not have sufficient collateral may also access so-called “umbrella” guarantees provided by the state-backed SME Corporation, allowing participating banks to extend financing with additional state support.

The first banks taking part in the programme are expected to begin issuing loans on Friday.

The initiative is intended to provide emergency financial support to businesses whose operations have been disrupted by attacks on Wildberries facilities, helping them maintain liquidity and continue their activities.