Percentage of severity: soft loans for agrarians doubled in price
Preferential loans for agricultural producers have doubled in price. The rate for agrarians, which was 5% for existing investment loans, has been tied to the key rate and it has increased to 50% of it. This "Izvestia" learned from Sberbank's letter to farmers, the information was confirmed by the Ministry of Agriculture and specialized Rosselkhozbank. This decision is due to the growth of the key last year and is set only for the 2025th with the possibility of prolongation of investment loans for up to one year, explained in the Ministry. What is the fate of other preferential programs for business - in the material "Izvestia".
Why rates on loans for farmers have increased
Since the beginning of the year, farmers began to face double write-offs on favorable existing investment loans, issued to them at 5% per annum. They used these funds, among other things, to buy agricultural machinery and equipment, to build various facilities such as grain elevators and vegetable storage facilities, as well as to develop poultry farming, flour milling and bakery production, and processing of livestock products. This was told to "Izvestia" by the agricultural producers themselves, as well as confirmed in specialized associations and banks.
"We inform you that the Ministry of Agriculture of the Russian Federation approved the decision on the procedure for granting subsidies, which amends the terms and conditions of preferential lending under existing investment loan agreements concluded under the decree, and sets the rate up to 50% of the key rate of the Bank of Russia for 2025", - says the response of Sberbank to the head of the farm LLC "Savia-food" from the Samara region Evgenia Beschetnova (available from "Izvestia").
As Evgenia Beschetnova explained to Izvestia, the loan was taken in 2022 at 5% for the purchase of equipment, but suddenly, without notice, the rate was increased and the funds were written off in double amount.
The program of preferential lending to agricultural producers has been in effect in Russia since 2017. Under it, agribusiness enterprises can receive short-term (up to two years) and investment (up to 15 years) loans. Initially, all of them were provided to agrarians at a rate of up to 5% per annum for any purpose. However, from 2024, the rate became floating, and the disbursement of funds began to be carried out for certain types of activities. This did not apply to the loans that were granted to agrarians earlier and they were convinced that the 5% rate would remain until the end of the loan repayment.
Information about the increase in the rate on investment loans was confirmed in the association "People's Farmer".
- All over Russia there is now a global refinancing of the agricultural industry, as the Ministry of Agriculture has no money to keep the rate at 5%. Therefore, all banks, participants in the soft loan program, are now raising to the rate on investment loans. We also have such situations on four contracts, and we have already signed them, - explained "Izvestia" chairman of the Board of the Association Oleg Sirota.
We are talking about investment loans, which were concluded until 2023, on them agrarians are offered to sign an agreement that changes the calculation of the rate, explained "Izvestia" in the head of staff of the Union of market participants of potatoes and vegetables (Potato Union) Tatiana Gubina.
- Accordingly, if there was a loan of 5%, now it becomes 10.5%. Of course, if the amount of this loan is huge, it will affect the agricultural business negatively, as the loan servicing will increase almost twice, plus it is tied to the key rate, which has been growing recently. We understand that this way they fight inflation, but if the rate continues to rise, the business will be strongly demotivated," she said.
According to her, due to the high cost of loans, all new agricultural projects are now at a standstill. At the same time, she noted the high role of the Ministry of Agriculture in the desire to help agrarians overcome these difficulties.
What affected the size of the key rate
The Ministry of Agriculture told Izvestia that the decision to increase the rate on investment loans is temporary.
- The amount of subsidies on previously issued loans is fixed at 50% of the key rate of the Central Bank. This norm is due to the growth of the key rate last year and is set only for this year with the possibility of prolongation of favorable investment loans for up to one year, - explained "Izvestia" in the press service of the Ministry.
At the same time, they noted that in 2025 it is envisaged to subsidize 70% of the key rate by the Bank of Russia for new short-term soft loans in priority areas, including seasonal field work, dairy cattle breeding, breeding and genetics. At the same time, the limit for them is almost twice as high as the previous year's figure.
- It is worth noting that the current conditions of preferential lending to the agro-industrial complex will ensure stable development of the industry and food security of our country, - emphasized the Ministry of Agriculture.
The specialized Rosselkhozbank also noted that subsidizing of concessional investment loans has been reduced to 50% of the key rate of the Bank of Russia. Clients are given the opportunity to prolong these loans to maintain the level of debt load, specified in the press service of the financial organization.
A source in another major Russian bank told Izvestia that the Ministry of Agriculture has reduced subsidies to banks for 2025 on investment loans issued under the preferential program between 2017 and 2022. That is, banks will receive less reimbursement on these loans from the budget. Therefore, the Ministry of Agriculture gave the banks the right to set for the current year the rate on such loans up to 50% of the key rate, the financial organization explained.
The authorities limit preferential lending and other business support programs - for example, funding is cut by the most popular program for SMEs "1764" from 2025 five times, wrote "Izvestia". The annual volume of loans under this program will be reduced from 500 billion rubles to 100 billion. Not all small companies will now be able to get such a loan, but only from certain industries - their list is yet to be determined.
Georgy Ostapkovich, Director of the Center for Conjunctural Studies of the Institute of Economic Research of the National Research University Higher School of Economics, believes that the increase in the rate on investment loans will affect the economy and the growth of costs of agricultural producers, who did not expect an increase in the rate on loans taken at 5%. According to him, agrarians will have to revise their business plans and abandon some projects. He also noted that all over the world agriculture is the most dated and supported by the authorities, so there is unlikely to be a serious reduction in lending in Russia.
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