14:40 11.05.2020

Loan repayment holidays should be offered to small, micro businesses – Zelensky

2 min read
Loan repayment holidays should be offered to small, micro businesses – Zelensky

President of Ukraine Volodymyr Zelensky has said that loan repayment holidays should be offered to small and micro businesses affected by the lockdown restrictions introduced in the country.

According to the press service of the president, the issue was discussed during a regular meeting on the fight against COVID-19 chaired by the head of state on Monday.

"We discussed a number of credit support programs for small and micro businesses, because they suffer the most from quarantine. We should help them now and after the quarantine so that they can recover quickly. We should offer them the so-called loan repayment holidays," Zelensky said.

Prime Minister of Ukraine Denys Shmyhal, in turn, said that the government has created all the prerequisites for the full operation of the updated Affordable Loans 5-7-9% program, as well as is finalizing another program titled "New Money" under which entrepreneurs will get loans at a very low interest rate.

"These programs will help Ukrainian businesses withstand the difficult economic conditions caused by the epidemic, as well as guarantee the preservation of jobs. The main condition of the programs is the preservation of at least 80% of jobs in small and micro businesses," Shmyhal said.

The prime minister also said that, according to the State Employment Center, additional 140,000 unemployed people were registered this month. The Cabinet of Ministers has allocated UAH 6 billion from the anti-COVID-19 fund to help people who have lost their jobs, the press service said.

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