Business loan payment holidays for SMEs and self-employed borrowers in Russia
When cash is needed for purchasing, payroll and completing orders, temporarily deferring loan payments may ease pressure on your payment calendar. A payment holiday does not write off the debt: interest continues to accrue, and future obligations need to be assessed before applying. We explain the current scheme for small and medium-sized businesses and self-employed borrowers in Russia.
At a glance: what to check
- Your borrower category, agreement date and original loan amount.
- Eligibility for a statutory payment holiday, beyond the option of negotiating an individual schedule with the bank.
- Which interest must be paid now and how much will be added to the debt.
- Which receipts will enable the business to resume payments after the holiday.
Do not stop paying simply because you have submitted an application. First check that the relief period has been established through the lender’s notice or under the statutory procedure, then confirm the schedule, dates and calculation.
What are business loan payment holidays?
A payment holiday is a relief period that temporarily changes how loan obligations are met. The standing scheme under Russia’s Federal Law No. 276-FZ has applied since 1 October 2025 and covers agreements entered into on or after 1 March 2024. The Bank of Russia explains the basic terms.
The permitted period is up to six months. The scheme can be used once every five years for each loan. Evidence of a decline in revenue is not required, but the other borrower and agreement requirements still apply. This provides temporary breathing space; it does not release the borrower from repaying the money.
For example, a company may be waiting several months for a customer’s payment while needing to complete purchases now. A payment holiday may help bridge that period. If sales consistently fail to cover expenses, however, deferral simply postpones the problem: the business’s economics and debt structure need to be reviewed first.
Who can apply, and what are the loan limits?
The scheme is available to SMEs and self-employed borrowers under Russia’s Professional Income Tax (NPD) regime. SMEs should check their current category in the register, while a self-employed borrower should confirm their NPD taxpayer status. The category determines both the loan limit and how interest is paid.
| Borrower category | Maximum loan amount |
|---|---|
| Self-employed NPD taxpayer | RUB 10 million |
| Microenterprise | RUB 60 million |
| Small enterprise | RUB 400 million |
| Medium-sized enterprise | RUB 1 billion |
For credit lines and agreements within an overall limit, the loan amount and eligibility for repeat payment holidays must be checked separately: do not automatically apply the rule for an individual loan to each drawdown.
If a microenterprise originally received a loan above the applicable limit, reducing the balance below RUB 60 million does not by itself make the agreement eligible. If there are several loans, check each agreement separately and prepare a financial plan covering all obligations together.
SME status does not create an unconditional right to deferral. Check the restrictions concerning arrears of more than 30 consecutive calendar days, bankruptcy, liquidation or reorganisation, certain enforcement cases and grounds for accelerated repayment, and other statutory payment holidays already in effect. Conditions relating to the company’s ownership structure must also be assessed separately. This list is not exhaustive: eligibility must be checked against the law and the specific agreement.
Does interest accrue during a payment holiday?
Yes. Interest continues at the contractual rate. For microenterprises, small enterprises and self-employed NPD borrowers, interest is capitalised monthly: the accrued amount increases the principal, and subsequent interest is calculated on the higher balance. Having no current payment does not make the borrowing free.
Medium-sized enterprises follow a different procedure: interest must be paid monthly during the relief period. A promise of “six months with no payments at all” therefore cannot be applied automatically to every company. The Bank of Russia’s Financial Culture project explains the differences between borrower categories.
Request a calculation for the start and end of the holiday, showing principal, accrued interest, the remaining term and future payments. Separately clarify the effect of deferral on sureties, collateral, insurance and other obligations. Changing the repayment schedule does not automatically cancel the agreement’s other terms.
For a subsidised loan, check separately whether the preferential rate will remain in place: during a payment holiday, it may change to a commercial rate under the agreement and programme terms. Do not calculate costs solely at the previous subsidised rate without checking.
How to apply for a payment holiday
- Gather the agreement details. Check the borrower, original amount, agreement date, current balance, rate and history of previous payment holidays.
- Choose the period you need. Link it to expected receipts. The start date must be no earlier than the date the request is sent and no later than one month after it. The longest possible deferral is not always the most beneficial.
- Confirm how to submit the request. Use the channel specified in the agreement or by the lender. Keep the request, attachments and evidence of receipt.
- Check the response and dates. The lender has 15 working days from receipt of the request to consider it. If the notice required by law is not received within 30 calendar days after the request is sent, the relief period is deemed established under the statutory rules. Keep evidence of sending and confirm that this procedure applies to your request.
- Update your payment calendar. Include the agreed changes to this loan and the business’s other obligations.
Keep the agreement and amendments, repayment schedule, evidence of SME category or NPD status, previous payment holiday details and the signatory’s authority readily available. Where there is a surety or a third-party pledgor, prepare the necessary consents. Confirm the required attachments with the lender: the company’s working file is not the same as the list of documents required by law.
The application procedure and choice of start date are also described in Russian Agricultural Bank’s official borrower support section. Check the terms of your own agreement; if the request is refused, ask for the specific grounds.
A management forecast is primarily useful to the business owner. It should not be presented as mandatory evidence of falling revenue: this scheme does not require such a decline to be demonstrated. State clearly which agreement the request concerns and the basis on which the relief period is sought.
Questions to ask the lender
Ask the lender to distinguish three amounts: debt before deferral, interest during the holiday and debt at its end. Then confirm when the first post-holiday payment falls due and how the remaining schedule will change. If the calculation is unclear, request a breakdown rather than relying solely on the new loan maturity date.
Appoint someone within the business to handle correspondence and track deadlines. Give the accountant the confirmed schedule and retain the previous version for comparison. This helps avoid a situation where the owner expects deferral but the accounts team continues using the old calendar, or stops paying too early.
How to assess whether a payment holiday will help
Prepare a monthly plan for the holiday and several months afterwards. Reported revenue is not the same as cash in the bank: account for actual payment dates, refunds, platform deductions and the risk of late customer payments.
Five cash flow checks
- Receipts. Which payments are confirmed, and which exist only in the sales forecast?
- Mandatory expenses. Will there be enough cash for payroll, taxes, rent, suppliers and sustaining sales?
- Other debt. Will payments on other loans, leasing and shareholder loans remain due?
- Resuming payments. Will cash flow cover the new schedule after the debt has increased?
- A downside scenario. What happens if a key customer pays late or seasonal revenue falls short?
Record how the released liquidity will be used. Completing a profitable order and funding a persistent operating loss are different situations. If the business will need another loan after the holiday solely to repay existing debt, its financial plan needs a more thorough review.
Prepare two budget scenarios, with and without deferral, and show the minimum bank balance separately in each. Do not count a prospective new loan as confirmed receipts before a decision has been made and terms agreed. Otherwise, the plan will appear sustainable only because it assumes financing that is not yet available.
Illustrative example: the cost of capitalisation
Suppose a microenterprise owes RUB 5 million at the start of a payment holiday. For this illustrative calculation, assume a hypothetical annual rate of 24%, six equal monthly periods and no payments. The example explains the mechanism; it is not a current rate or a lender’s offer.
5,000,000 × (1 + 0.24 ÷ 12)6 ≈ RUB 5,630,812
With interest added monthly, debt in this model increases by approximately RUB 630,812. Cash availability improves over the coming months, but future debt commitments grow. Compare this result with the expected profit from the order or the economic benefit for which the deferral is needed.
The bank’s actual calculation may differ because calendar days, dates, agreement terms and accrual rules matter. Do not use this illustrative formula to set an actual payment amount. This no-payment example does not apply to a medium-sized enterprise that pays interest monthly.
Payment holidays, restructuring or refinancing
Choose the financing approach according to the cause of the difficulty. A payment holiday may suit a temporary cash gap; an agreement amendment may address an unsuitable schedule; and a new loan may change the cost or structure of debt if a suitable offer is available.
| Option | What changes | What to check |
|---|---|---|
| Statutory payment holidays | A temporary relief period where the statutory requirements are met | Eligibility, interest and resuming payments |
| Voluntary restructuring | The schedule and other terms are amended by agreement with the lender | Written terms, total cost and whether payments are realistic |
| Refinancing | A new loan is used to repay an existing loan | Approval, switching costs, security and the resulting debt burden |
A lower monthly payment does not always mean a lower total borrowing cost. Compare all options using the same cash flow and include expenses that remain outside the loan schedule. First check whether the existing agreement can be amended, then assess new obligations.
Avoid submitting several different requests without a coordinated plan. If a payment holiday, a new loan and a security amendment are being discussed together, record which decision needs to take effect first. Signing one document may change the assumptions used in another calculation. What matters is a coordinated outcome across all debt commitments, rather than an isolated positive response.
Frequently asked questions
Do I need to prove that revenue has fallen?
Not under the standing scheme described here. The borrower and loan must still meet the law’s other requirements. Other payment deferral programmes may have different terms.
Can I obtain payment holidays on several loans?
Each loan is assessed separately. Prepare an overall plan: deferral under one agreement does not cancel payments on the others or automatically make the total debt affordable.
Will a loan qualify if its balance has fallen below the limit?
Compare the original loan amount with the limit for your category. A lower current balance alone does not establish compliance with this condition.
Will six months of interest be written off?
No. Interest is capitalised monthly for microenterprises, small enterprises and self-employed NPD borrowers, while medium-sized enterprises pay interest monthly. Obtain a calculation for your agreement.
Can I stop paying immediately after applying?
Sending an application is not sufficient by itself. Check that the period has been established through the lender’s notice or the statutory procedure where no response is received, and confirm the start date and new schedule. If the situation is disputed, first clarify whether these rules apply.
What if statutory payment holidays are unavailable?
Ask for the grounds for refusal. Separately, you can discuss voluntary restructuring or assess refinancing. Their terms depend on the lender and the financial circumstances and cannot be treated as guaranteed.
When to seek help
If the company has several loans, seasonal revenue, substantial receivables or an unclear post-holiday schedule, start by bringing its obligations into one plan. NG Finance helps assess debt commitments and compare business financing options in Russia. Eligibility for a payment holiday and the terms of the particular agreement must be checked separately.
For an initial discussion, prepare your Russian Tax ID (INN), outstanding balances, current schedules and expected receipts. We start with an assessment of the situation; the outcome of the lender’s review cannot be promised in advance.
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Sources and review date
Prepared on 22 October 2026. Statutory conditions must be applied to the specific borrower and agreement.