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Government Made Changes to the Terms of the State Program "Affordable Loans 5-7-9%"

The Cabinet of Ministers of Ukraine has adopted amendments to the Procedure for providing state support to micro and small businesses, according to which the program "Affordable Loans 5-7-9%" is being implemented. The relevant decision was made at the Government meeting on October 9, 2020.

The amendments to the program relate to the liberalization of a number of requirements for business entities to increase their maximum annual income to the equivalent of EUR 10 million and the elimination of the requirement for the compulsory profitability of the active business. The decision will be made by the creditor banks. The amendments also extended the purposes of the use of credit funds and allowed the acquisition of land, either separately or together with the non-residential property.

These amendments to the program "Affordable Loans 5-7-9%" were adopted within the Government's order to develop and approve a program of financial support of small- and medium-sized businesses, as well as entities involved in culture, creative industries, and tourism, whose activities are under exposure over the restrictive measures related to the spread of coronavirus (COVID-19). 

"The state program "Affordable Loans 5-7-9% " provides measures that are a universal and effective mechanism for lending to small businesses with state financial support by compensating interest on loans provided to micro and small businesses, regardless of their field of activity. 

Thus, the amendments to the program expand the opportunity to use it for economic entities of these industries, as well as farmers and agriculture enterprises that have suffered losses due to this year's drought. The program has already shown its effectiveness in crisis conditions. After all, according to statistics, more than 70% of loans, which were issued by banks from February to August this year, were issued under the program "Affordable loans 5-7-9%",- noted Finance Minister Sergii Marchenko.

It should be noted, the Entrepreneurship Development Fund has concluded cooperation agreements with 19 banks: "Oschadbank JSC", "Ukrgasbank" JSB, "PrivatBank" JSC CB, "Ukreximbank" JSC, "Bank Lviv" JSCB, "FUIB" PJSC, JSC "BANK ALLIANCE", JSC "KREDOBANK", PJSC "BANK VOSTOK", JSC "Raiffeisen Bank Aval", JSC "TASKOMBANK", JSC "Alfa-Bank", JSC CB "GLOBUS", JSC "MEGABANK", JSC "POLIKOMBANK", JSC "CREDIT AGRICOLE BANK", " OTP BANK JSC", JSC "CREDITWEST BANK",  Agroprosperis Bank.

As of October 5 of this year, 4,127 loans totaling UAH 9.82 billion have already been concluded under the program "Affordable Loans 5-7-9%".