Report: Sberbank, VTB to launch no-interest loans on wages Mar 30

MOSCOW, Mar 26 (PRIME) -- The Russian government and two largest banks Sberbank and VTB plan to launch a pilot project of interest-free loans to business to pay wages in the week starting from March 30, First Deputy Prime Minister Andrei Belousov told channel Rossiya 24 on Thursday.

"A product, which is much needed, we are working at a high speed, I want to launch it next week literally, at least, to start to promote it promptly with Sberbank and VTB. These are urgent loans on wages. The interest will be subsidized, in extreme cases it will be zero and the guarantee will be high. Since we understand that small business has nothing to pledge," Belousov said.

He also said that a credit line recently opened by the central bank will be used for this purpose. "The only thing is that the loans will be short as well, for half a year, we are considering approximately half-year loans."

End