As of April 1, 2020, the Omsk branch of Rosselkhozbank JSC (Omsky Biocluster member) issued more than RUR 1.5 billion ($ 20.14 million) to farmers in the region. Of this amount, over 70% are subsidized loans, the rates on which do not exceed 5%. Compared to the same period last year, the total growth in lending amounted to 20%. With regard to the structure of loans to the agricultural industry, most of it is loans for seasonal field work. So, more than 67% of the total volume of loans was issued for these purposes in the first three months (growth compared to the Q1 2019 amounted to 16%).
"Timely financial support during the sowing campaign is a prerequisite for its successful implementation. We, as a specialized Bank, perfectly understand this and do our best to ensure that farmers have not experienced difficulties with credit resources even in the current epidemiological situation. The Russian Agricultural Bank continues its work and credit funds are available to agricultural producers in all regions of our presence. The dynamics are good. In the Q1 2020, a third of loan funds was issued more than in the same period in 2019," said Irina Zhachkina, First Deputy Chairman of the Management Board of Rosselkhozbank JSC.
In Russia as a whole, the total amount of RusAg funds issued amounted to RUR 152.5 billion ($ 2,05 billion), which is 31% more than in the same period last year. Of these, more than 37% of loans were issued at preferential rates of no higher than 5%. RusAg offers a wide range of loan products for seasonal work. For example, the Bank developed a SMEs loan product Seasonal Easy for the purchase of mineral and organic fertilizers, seeds, feed, veterinary drugs and plant protection products. Under the terms of the product, a loan of up to RUR 5 million ($ 67.117) can be obtained in just two documents - a loan application and a certificate from the tax authority. Target loans in the amount of more than RUR 5 million ($ 67.117) are subject to reduced terms for making a decision on lending.
"Support for the agricultural sector, including financing of seasonal field work, is one of the priority activities of our branch. We understand how important it is to have a reliable financial partner for farmers in the current difficult situation. That is why our bank is always ready to promptly provide agricultural representatives with borrowed funds helping them to continue their development," said Lev Yaneev, director of the RusAg Omsk branch.
