Tomsk Introduces Six-Month 'Credit Holiday' for Struggling Businesses
Entrepreneurs and businesses in Tomsk will soon have the option to pause loan repayments under a new 'credit holiday' scheme. Starting in October, the programme will allow temporary relief on existing loans, with varying limits based on company size. The initiative aims to ease financial pressure by letting borrowers defer principal payments for up to six months. The scheme covers loans issued from 1 March 2024 and applies to different business categories. Self-employed individuals can defer up to 10 million rubles, while microenterprises qualify for a break on loans of up to 60 million rubles. Small companies face a higher cap of 400 million rubles, and medium-sized businesses can pause repayments on loans worth up to 1 billion rubles.
During the six-month holiday, borrowers are excused from paying the principal amount. However, interest continues to build up, with the option for monthly capitalisation. The programme permits only one such break every five years per loan, regardless of changes in revenue. Authorities have designed the rules to provide flexibility without removing financial obligations entirely. By allowing interest to accrue, the scheme ensures lenders still receive returns while giving businesses temporary breathing space.
The credit holiday programme will roll out in Tomsk from October, offering structured relief for struggling entrepreneurs. Eligible borrowers can apply for a six-month pause on principal repayments, though interest will keep accumulating. The measures target businesses of all sizes, with limits adjusted according to company scale.
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