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Russian Free Press

RBC: The loss of preferential loans undermined the import substitution of electronics in Russia

April 24, 2023
in Daily News
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Russian electronics manufacturers are faced with the problem of business scalability and the development of import substitution. The reason is the lack of concessional loans in Russian banks within the framework of the relevant state program. Market participants claim that out of 13 banks that were declared participants in the program, loans can be obtained only in two, and even then with certain difficulties. RBC writes about problems with attracting funding, citing sources among electronics manufacturers.

You can get a soft loan, according to the state program, in the largest banks, including, for example, Sberbank, VTB, Gazprombank, Alfa-Bank and Sovcombank. In total, 13 financial institutions were declared on the list, but in reality, only Sberbank and VTB are currently engaged in lending to manufacturers. Moreover, if a year ago the state allocated 7.5 billion rubles to reimburse banks for lost income, then in 2023 funding was cut to 6.3 billion.

“Several manufacturers extended the rate on previously issued loans, but those who intended to receive a new loan were refused,” says a source about obtaining a loan from VTB and Sberbank.

The opportunity to take a preferential loan only from VTB or Sberbank was confirmed to the publication by a representative of the manufacturer of data storage systems F + tech. The authorities do not comment on the reduction in funding and the number of banks where you can get a soft loan. The press service of the government redirected the request to the Ministry of Industry and Trade, which sent journalists to the Ministry of Digital Development. Inquiries to the Ministry of Finance and the Ministry of Finance have so far remained unanswered. The same position is held in VTB and Sberbank. Market participants told RBC about the first problems with preferential loans back in March: at that time, companies simply could not get a loan due to the fact that the funds reserved by the state program did not reach the banks.

Companies that manufacture computers, laptops, tablets, printers, scanners, fax machines, mobile and landline phones can apply for preferential loans under the program. The loan rate is 5%, the minimum loan amount is 3 billion, the maximum is 100 billion. According to the Ministry of Digital Development, about 93 billion of soft loans were issued in 2022 under the program. A prerequisite for obtaining a soft loan is the production or development of at least one type of equipment registered in the register of industrial products until 2021.

Experts interviewed by the publication see risks for the industry in financing problems: it is not possible to scale up projects and reach a new level of production without additional funds. At the same time, market participants themselves admit that banks cannot distribute loans right and left, without checking counterparties and guarantees from the state. Nikolai Komlev, Executive Director of the Association of Computer and Information Technology Enterprises (APKIT), also notes that many companies need funding. In case of refusal of preferential loans, they can resort to market loans at high rates, but then the question of return on investment will arise and problems with debt repayment may begin.

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