The Social Projects Support Fund to raise funds from extrabudgetary sources

Svetlana Chupsheva, the Head of the Agency for Strategic Initiatives, told Russian President Vladimir Putin about the readiness to establish a fund to finance projects in the field of social entrepreneurship on a refundable basis, at the meeting of the Supervisory Board of the ASI held in Petrozavodsk on July 26 during the business forum "Karelia: Points of Growth".

Svetlana Chupsheva noted that entrepreneurs who implement project in the social sphere cannot except to receive bank loans due to the lack of adequate collateral. After establishment of the fund, they will have the opportunity to use additional funds to implement their projects.

According to her, the average amount of investment in a social project will be about 2.5 mln rubles with a return period of 1–3 years.

“We have met a number of experts, business leaders; the project is really in demand – all of them confirmed this fact. We decided that we could start with small investments in this fund. It can be implemented using extrabudgetary funds,” Svetlana Chupsheva said.

Vladimir Putin supported the idea of creating the fund and promised to consider this issue. The President stated: “We will consider all this again and, as we have already said at the meeting with NPO chairpersons, volunteers, we will certainly move in this direction. I hope that we will implement this project.”

REFERENCE

The business forum “Karelia. Growth Points” is held at the co-working space “Boiling Point”, which was opened in Petrozavodsk on July 25, 2017.

The Forum’s agenda includes best practices in the fields of regional and municipal management, small and medium entrepreneurship, investment climate, social and technological entrepreneurship, main and complementary education, personnel training for the industries, which can be successfully replicated in the region with the support from the Agency for Strategic Initiatives. The Republic of Karelia also presents projects that may be used as practices for replication in other regions. Along with presentations and master classes, there are discussions and project sessions in the key areas of Karelia’s development, which will result in new projects and programs included into the region’s short- and long-term development strategy.