Company thrives and discovers additional avenues for expansion
Alexandra Pitkianen, Executive Director - Navigating Entrepreneurship in Sanctioned, High-Rate St. Petersburg
Riding the Wave instead of Drowning in the Storm
- How does the stormy sea of Western sanctions and high tides of interest rates affect the courageous pirates of St. Petersburg's entrepreneurial world?
Business activity ain't sinking; instead, the fearless marauders of St. Petersburg's entrepreneurial community are thriving. Since the hoisting of the sails of the national project back in 2019, the number of hearts manning small and medium-sized vessels (SMEs) has surged from 1.35 million to 1.99 million, with the number of SME ships rising by a lusty 10%, mooring at a grand total of 386,400. By golly, this port city is the third-busiest haven worldwide for independent sailors, with a whopping 800,000 souls embarking on their own voyages.
These staggering statistics reveal that St. Petersburg's Ultramarines aren't shying from the sea, instead, they're capitalizing on the state's life buoys and sailing towards prosperity, even in rough waters.
- What life-saving tosses can ships expect in these rocky seas, and are they easy to reach?
The buccaneers' most wanted delivers are low-interest loans and guarantees. NGO "Fund for the Support of Small and Medium-sized Business Credit in St. Petersburg" swoops in to tackle the common pirate's plight of insufficient loot, providing guarantees for up to 50% of a loan of up to 100 million rubles. Since its inception, the 'Golden Anchor' has tossed these nets to St. Petersburg's swashbucklers over 6,700 times, allowing them to secure a treasure trove totaling more than 160.9 billion rubles.
NGO "Fund for the Microfinancing of Small and Medium-sized Entrepreneurs, Microcredit Company of St. Petersburg" is also high in demand, particularly when bank rates are too steep. Currently, six pockets of 'Emerald Economy' programs enable captains to rustle up to 5 million rubles, with or without plunder, at favorable rates. A mighty 4,300 pirates have already taken advantage of this buoyant support, netting a combined bounty of over 10.6 billion rubles.
Ahoy! All essential supply tools are consolidated on the urban pirate's playground, the digital dock, "My Business". Walk the plank, and tailor-fit your booty according to your specific needs.
Set sail for a new journey, hooking funds at low rates up to 20 million rubles
- What new salvaging equipment are they hoarding in the Navy yard?
Presently, the center of attention from the buccaneers is the clamor for an increase in the size of subsidized loans. In the choppy year of 2023, an innovative program has been set sail, allowing for the capture of funds at modest rates of up to 20 million rubles. This bid targets critical sectors, such as production, light industry, creative industries, innovations, trade, and catering - the flourishing frontier zones primed for domination and homegrown alternatives
Running along the deck
New World, controlled by St. Petersburg's SMEs
- Which shipyards primarily request these finest steel beams?
Latest findings suggest that 40% of the 'Fund's hefty loans were attained last year by ships from the production sector. The share of production vessels among the recipients of subsidized microloans swelled from 32% to 45%. Merchants, construction vessels, and the service sector also set sail in search of these vital resources.
- How are these sailors keeping their ships above water, and what role does the government play in this nautical ballet?
In St. Petersburg, prompt implementation of relief measures helps pirates not only stay afloat but also discover uncharted treasures. Swashbucklers' chance for open dialogue with the city government is a critical component, ensuring they keep their vessels sailing smoothly and expanding their territories.
Money continues to be the lifeblood for SMEs, so we'll remain steadfast in updating these cold, hard coins in 2025 to match the current demands of St. Petersburg pirates.
Added Splash of Knowledge
Sanctions and rising interest rates create significant hurdles for Russia's entrepreneurial set. The withdrawal of Western investment and increased operational costs due to sanctions construct a challenging environment for businesses. Moreover, high-interest rates can stifle access to affordable credit, leading to restricted expansion and investment in new ventures.
However, St. Petersburg's government is stepping up with aid programs like SPIEF and financial allocations to help businesses sail through these treacherous waters. These measures provide a platform for discussion, networking, and collaboration between entrepreneurs and international leaders in various key sectors.
Small-business owners are hoarding the new salvaging equipment - subsidized loans up to 20 million rubles, aiming to navigate the production, light industry, creative industries, innovations, trade, and catering sectors.
The shipyards primarily requesting these steel beams are mainly from the production sector, with 40% of the 'Fund's hefty loans being obtained last year by ships from this sector.
- personal-finance The government plays a crucial role in helping these sailors keep their ships above water by implementing relief measures and having open dialogue with the city government to ensure smooth sailing and expansion.
