The Expert Council of the Industrial Development Fund (IDF) has approved the first loan under the Drug Labeling program. The loan was provided to Polysan Scientific & Technological Pharmaceutical Company from St. Petersburg.
“We announced this new program just six weeks ago and, today, the Expert Council reviewed and approved the first project. We promptly respond to market demands. In the next few weeks, IDF will review another 10 applications submitted by medical companies,” said Roman Petrutsa, Director of IDF.
Under the program, the loans can be granted only for the purchase of specialized equipment to label drugs. According to preferential terms, the loan in the amount of 5 to 50 million rubles can be provided at 1% per annum for up to 2 years. Repayment of the principal will start only from the second year.
A key feature of the program is that the borrower company is not required to co-finance the project. This means that the loan can be used to fully pay for the purchase of equipment. At the same time, as a security, the company must provide a bank guarantee for the amount of the loan.
The application can be submitted online at the IDF website.
Polysan plans to use this preferential loan to purchase equipment for labeling ampoules and tablets (printers, applicators, reading cameras, etc.) The funds provided by IDF will be directed to re-equip 4 of 5 production lines.