State support for Belarusian SMEs over Br1bn up in 2024

The amount of money allocated for providing state support to small and medium businesses in 2024 has been increased by over Br1 billion within the framework of the relevant government program.

Deputy Director of the Entrepreneurship Department of the Belarusian Economy Ministry Ruslan Neverovich made the statement on the air of the TV channel Belarus One, BelTA has learned.

According to Ruslan Neverovich, there are plans to increase the funding of measures and events stipulated by the program this year by more than Br1 billion. In particular, the central state budget will spend about Br7 million more on state financial support of SMEs this year. Appropriations of the Development Bank of the Republic of Belarus have been increased by Br90 million. Assets of commercial banks, which provide loans to SMEs as part of the government program, have been increased by Br1 billion in 2024 and by the same amount in 2025. The government program envisages spending Br7.5 billion on supporting the private sector in 2024.

Ruslan Neverovich also noted that the bigger funding is part of the effort to implement law No.365-3 “On amending the laws on entrepreneurship activities”, which was passed in April 2024. The document provides for expanding the access of SMEs to financial resources. The state financial support was available to small businesses in the past. With the adoption of the law the support can also be granted to medium organizations employing up to 250 people.

The law also provides for expanding the kinds of state support. “Additional tools will be added to existing kinds of support. First of all, surety for loan obligations, which will be provided by the Belarusian Fund for the Financial Support of Entrepreneurs. This support will enable even more unhindered access to credit resources for SMEs. Grants are another tool. They will be provided free of charge at the expense of municipal budgets. The goals that SMEs can get this kind of support for will be determined by municipal authorities taking into account development needs of concrete territories,” the official explained.

Written by belta.by