Penza, 27 April 2016. PenzaNews. The Penza region will receive a subsidy of 95.1 million rubles for support of small and medium enterprises.

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The decision to provide the funds was made during the session of the state committee for selection of regional projects in Moscow on Wednesday, April 27, the press service of the Penza region Ministry of Economy informed PenzaNews.

“The Penza region has sent five projects for the contest in 2016. All requests were provided full support. The budget money will be used to subsidize some of the expenses by SMEs related to procuring machinery which will be used to create or upgrade production lines; create and ensure the working of a regional integrated center; and assistance for the development of the regional microfinance system,” they clarified.

According to the press service, implementation of the projects will assist the enterprises that implemented various projects to modernize their production lines and export-oriented enterprises of the region, along with boosting the loan portfolio of the local guarantor company Poruchitel.