Kursk region sets up Innovation Development Assistance Foundation

Kursk region is setting up the Innovation Development Assistance Foundation, according to a statement made by the information support management of Kursk region’s Information and Press Committee.

Besides, the region reached certain arrangements with the Foundation for Assistance to Small Innovative Enterprises in Science and Technology and prepared a draft cooperation agreement for 2012-2015 expected to be signed during Kursk Korenskaya Fair.

To ensure more accessible loan facilities to small businesses, capitalization of the regional guarantee fund and the regional micro-finance fund will be increased twice to 100 million rubles by 2015.

Kursk region pays serious attention to the development of the consumer market and the SME sector. The regional authorities adopted 5 target programs, formulated a legal foundation regulating the entrepreneurial relations, and are developing an infrastructure for cooperation with the business community. The region has a small business support center, a micro-finance institution, a guarantee fund, councils and associations of entrepreneurs in municipal districts and areas, the message emphasized.

In 2011, the region allocated RUB 82 million for SME support purposes, with a federal competition awarding RUB 66 million from that amount. Today, financial support is channeled to 15 aspects.

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