Price benefits: support for SMEs and the self-employed has almost halved
Support for small and medium—sized businesses in early 2025 has almost halved to 72 billion rubles in the first quarter, according to a study by the Higher School of Economics. Such volumes are comparable to the level of 2022. However, if there was little demand for benefits back then, since entrepreneurs had not yet felt the pressure of sanctions, now this indicator is explained by a reduction in government-backed lending programs. Companies need funds for development, but it is difficult to get them at high rates. However, the government also does not have the opportunity to actively support businesses, as budget expenditures on subsidies will be too high. How this will affect the already slowing economy is in the Izvestia article.
Support for SMEs and the self-employed in 2025
The number of small and medium-sized businesses, as well as the self-employed, receiving state support in the first quarter of 2025 decreased by 17% (to 99.2 thousand) compared to the same period last year. This is stated in the HSE "Comments on Government and Business" (Izvestia has studied them).
At the same time, the volume of support decreased immediately by 43% compared to the same period last year — from 127.8 to 72.3 billion rubles. This figure is comparable to the crisis of 2022 (75.8 billion). Moreover, if three years ago companies were not so actively demanding preferential programs, because they had not yet adapted to doing business in the new sanctions conditions, now the reason is different.
Since 2025, the government has reduced benefits for small and medium-sized enterprises (SMEs). As Izvestia previously reported, in 2025-2030, the authorities will allocate 330 billion rubles to support this sector, which is 20% less than in the previous six years. First of all, the cuts relate to government-backed lending programs, in particular the most popular "1764".
Its terms have been changed: starting this year, not any company will be able to take out a loan at a reduced rate, but only those that work in five priority sectors chosen by the authorities: manufacturing, logistics, tourism, science and IT. As a result, only one in ten enterprises will now be able to receive a loan with state support. In addition, it took time to review the terms, and the business was actually able to use the new program only in March 2025.
How have the conditions of preferential loans to SMEs changed
The conditions for providing assistance to businesses have been revised, as the sector is already developing at a fairly rapid pace, follows from the Ministry of Economic Development's response to a request from Izvestia. The ministry said that thanks to the successful implementation of the relevant national project in 2019-2024, more than 6.5 million companies and more than 29 million people are already working in the SME sector. And the contribution of small and medium-sized businesses to the country's GDP is 21.7%. All this indicates a steady growth rate of the sector, the press service of the Ministry of Economy emphasized.
Since the beginning of 2025, the amount of funds raised by entrepreneurs through state support instruments has exceeded 263 billion rubles, the ministry said. In this case, we are talking about how much money companies have received from banks under preferential programs, and not about the amounts of government support directly.
The authorities have changed the focus from quantitative indicators for SME development (number of employees) to qualitative ones (income growth) — this implies a more selective and effective approach, said Egor Diashov, chairman of the Financial Markets Commission of the Moscow branch of Opora Russia.
— Unprecedented business support measures were provided due to the pandemic and sanctions. Allocating huge sums to support SMEs was a necessary measure. However, the high level of government support cannot be endless. That is why budget funds are now allocated based on priority areas," the expert explained.
The decrease in aid was also influenced by the optimization of budget expenditures, said Tatiana Ushkats, an expert at the RUDN University Faculty of Economics. The amount of subsidies for financing concessional loans is allocated from the treasury, depending on the key one, in order to compensate banks for lost income. At the same time, the Central Bank's rate has been at a record level of 21% since last fall, and now it has been lowered, but only slightly — to 20%. As a result, the government is forced to make support programs more targeted.
Meanwhile, due to high interest rates, it is too expensive for small businesses to borrow on market terms, so lending is falling. Moreover, companies are having problems paying off debts they have already taken on. In the first three months of 2025 alone, almost 70,000 small businesses applied for restructuring, which is one in ten organizations that basically have a loan.
How the key rate cools the economy
In conditions of a high rate of the Bank of Russia, a reduction in state support may affect business scaling opportunities and the opening of new production facilities, which will negatively affect the supply economy, says Stepan Zemtsov, director of the Center for Economic Geography and Regionalism at the Presidential Academy. After all, it is small companies that cover the needs of Russians in an environment where many large corporations are sanctioned and have limited opportunities to interact with foreign players.
The reduction in aid also threatens to stagnate existing industries, increase unemployment and weaken the competitiveness of domestic producers, believes Tatiana Ushkats from RUDN University.
— SMEs are the engine of the economy, creating jobs and providing innovation. Their financial difficulties directly affect the overall economic situation. Access to finance is a key factor in the competitiveness of enterprises. Without it, companies cannot develop, modernize, and effectively compete in both domestic and foreign markets," agrees Egor Diashov.
Meanwhile, the slowdown in the Russian economy worries not only business, but also the authorities. This particular topic has become the most important, in particular, at the St. Petersburg Economic Forum in 2025. As Economy Minister Maxim Reshetnikov stated there, the country's GDP is on the verge of recession. And one of the most important reasons is the high stakes.
However, state support for business does not have to be a condition for the development of SMEs and the self-employed, in turn, said Dmitry Abbakumov, coordinator of Delovaya Rossiya in the Central Federal District. Companies must cope with their economic challenges without such assistance, but at the same time, it certainly helps to accelerate the development and scaling of enterprises.
Переведено сервисом «Яндекс Переводчик»
