During its session on July 14, the Cabinet of Ministers has updated the Procedure for providing state guarantees on a portfolio basis. According to Prime Minister Denys Shmyhal, the Government is actively increasing support programs for Ukrainian farmers to further promote the successful development of the land market in Ukraine.
"Part of this support is cheap money that small and medium farmers will receive to buy agricultural land. Ukraine already has a program of state portfolio guarantees, when the state guarantees the largest share of the business loan to the bank. Now those who want to expand their farms will be able to take full advantage of this program," the Head of Government said.
According to Denys Shmyhal, the preferential terms will apply only to small and medium-sized farmers who already work on the land and have no more than 500 hectares to use. The loan will be provided for up to 10 years, while guarantees from the state will allow to significantly reduce the rate on the loan provided by the bank.