Microcredits for business will increase

We have addressed earlier to the topic of legislative changes in the area of financial market. In particular, this theme was discussed in the article about self-regulated organizations at the financial market. Significant changes are also of concern to microfinance organizations.

According to the Central Bank of the RF, in the National Register of microfinance organizations on March 18, 2016, 3718 active organizations are registered, and 3917 have already excluded from the Register. It is possible to value range of activity by looking at statistics. For example, according to expert estimation, in 2014 microcredits in the amount of about 3 bln RUB were provided, and in 2015 - more than 15 bln RUB. At that, experts predict further increase in microcredits in 2016, explaining such prediction both with decrease inreal income of the population and absence of adequate credit market, for obvious reasons connected with complication of the international situation.  

Activity of microfinance organizations in Russia is regulated by the Federal Law of 02.07.2010 № 151-FL «On microfinancing activity and microfinance organizations». To this document a lot of amendments, having a great impact on this activity, were made by the Federal Law of 29.12.2015 №407-FL «On amendments to legislative acts of the RF and invalidation of particular provisions of legislative acts of the RF».

According to the amendments taking into force since March 28, 2016, microfinance organizations will be divided into microfinance and microcredit companies. 

Microfinance companies must have capital more than 70 mln RUB. They have the right to attract funds of physical entities not less than 1,5 mln RUB and also the right for bond issue. Consequently, the Central Bank`s supervision for microfinance companies will be enhanced.

Credit facilities of microfinance organizations on crediting of legal entities and individual entrepreneurs are increased to 3 mln RUB against 1 mln RUB earlier. 

Microcredit companies with capital less than 70 mln RUB are forbidden to attract funds of residents, and they can provide loans for physical entities only from own funds.

Above this, now by amendments are strictly regulated: status acquisition of microfinance organization and its liquidation, including at the initiative of the Central Bank; restrictions of activities and accounting conditions.  

By the above mentioned Federal Law №407-FL amendments to the Federal Law of 07.08.2001 №115-FL «Money laundering Regulations and terrorism financing» and to the Federal Law of 26.10.2002 г. №127-FL «On Insolvency (Bankruptcy)» were made.

Subscribing for the Information and Analytical system Globas-i, you may look at the Register of microfinance organizations in section «Selections and lists», as well as you may learn about activity of each company from the list.