Russian govt orders VEB to support small business better in 2014

NOVO-OGARYOVO, Moscow Region, Feb 12 (PRIME) -- The Russian government has ordered state-owned Vhesheconombank (VEB) to make its affiliate in charge of small and medium-sized enterprises (SME), SME Bank, more active in 2014, First Deputy Prime Minister Igor Shuvalov said Wednesday.

“Unfortunately, they received very few loans. We studied the issue at a meeting with the prime minister, and the work was not found successful; it’s still developing. Corresponding orders were given to VEB and members of the government in charge,” Shuvalov told President Vladimir Putin.

As a parent company, VEB furnished SME Bank with guarantees worth 40 billion rubles. “Along with the Credit Guarantees Agency and SME Bank, we can launch issuing loans to small-sized enterprises in the manufacturing industry this year. It could be dozens of thousands of units,” Shuvalov said.

He said that the number of individual entrepreneurs continued falling in January, though the decrease rates slowed down.

Shuvalov reiterated that after the government increased the payroll tax in 2013, the number of individual businessmen dropped to 3.5 million people at present from more than 4 million people.

(34.7964 rubles – U.S. $1)

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