Since March $518 million in loans have been extended to small businesses, a factor in mitigating the impact of the coronavirus recession

Since March $518 million in loans have been extended to small businesses, a factor in mitigating the impact of the coronavirus recession, the Finance Ministry reported yesterday. Under the ‘5-7-9% Loans’ program, 6,300 loans have been extended to businesses with less than $3.5 million in annual revenue. Of the total, 68% of the loan money has gone to refinance existing debt, the Finance Ministry reported yesterday. There are 23 private and state banks participating in the program.