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Belarus’ economy minister explains new business support mechanism

MINSK ( BelTA) – Economy Minister Yuri Chebotar told the Belarus 1 TV channel how businesses can receive financial support, BelTA has learned.

An entrepreneurship law has been adopted in Belarus. Yuri Chebotar told what governments support businesses are entitled to in the event of re-registration of individual entrepreneurs.

Today, individual entrepreneurs, small and medium-sized enterprises are provided with annual support in accordance with the state program “Small and Medium Enterprises”, the minister recalled.

The minister noted that entrepreneurship law introduced three new mechanisms of providing government support. “The first is a guarantee on loans taken out by small and medium-sized enterprises to grow their business. Since many of these will be start-ups, they will most certainly struggle to find guarantors. Such guarantees will be issued by the Belarusian Fund for Financial Support of Entrepreneurs. And this foundation is currently getting ready to issue guarantees as soon as the law comes into force,” explained Yuri Chebotar.

The second mechanism provides for grants and unrepayable funds from local governments for starting, growing or scaling up businesses.

The law will make financial support accessible to more recipients: not only small businesses, but also medium-sized enterprises will be able to apply for such support. “Therefore, the number of entities receiving support will be significant,” the minister emphasized.