IDF of Bashkiria is ready to support children's goods industry enterprise’s investment projects

The Industry Development Fund of Bashkortostan was the first in Russia to approve the Goods for Children program to support industrial enterprises. Concessional loan financing is provided to children’s goods industry manufacturers, including baby food operators. According to the Republican Ministry of Industry, 84 business entities are engaged in this area in Bashkiria.

“We have begun to provide additional support to manufacturers of children's goods. Now enterprises will be able to receive IDF loans of up to 20 million rubles at 1% per annum for the creation, expansion, or modernization of industrial facilities and an increase in output. For them, this is an opportunity to quickly develop and launch new types of products into mass production, improve their quality, and, as a result, increase their competitiveness in the market. Moreover, the new support measure is not the only one introduced by the regional government for such companies. Depending on the area of activity, our industrialists can also take advantage of other FRP programs, as well as apply for a subsidy due to light industry and timber industry enterprises that have purchased equipment and raw materials,” said Deputy Prime Minister - Republican Minister of Industry, Energy and Innovation Alexander Sheldyaev.

As explained in the Ministry of Industry, the loan amount under the new program is from 5 to 20 million rubles for up to five years at 1% per annum—deferral of principal debt payment up to three years. The project budget should be at least 6.3 million rubles, while the IDF is ready to co-finance up to 80%. More information is here.