Improved measures to support small business in Belarus

MINSK (BelTA) – Measures of state support for small business are being improved in Belarus. The relevant Decree No.126 that introduces amendments and additions to Decree No.255 of 21 May 2009 “Concerning state support for small business” was signed by the President of Belarus on 17 March, BelTA learnt from the presidential press service.

The document grants small business enterprises with the right to receive state financial support in the form of partial repayment of expenses related to the participation in trading shows and reimbursement of expenditure on the advertisement of various events in media after their organization, the possibility of loan services for long-term (up to seven years) investment projects implemented by small business entities at the expense of oblast executive committees and the Minsk City Hall.

The decree envisages the adjustment of the mechanism of providing state support for small business entities. It pertains to the order of changing interest rates (pegged to the country’s main interest rate).

The abovementioned measures will boost efficiency in the use of budgetary resources under the programs of state support for SMEs and will increase the output, new jobs and boost the export.

The decree takes effect three months after its official publication.