Makhachkala, April 3, 2014. In 2014, RUR 228 million will be allocated for developing small and medium businesses in Daghestan, says the Russian government’s website.

The Russian government has approved a decree on allocating subsidies from the federal budget in 2014 to develop small and medium businesses. The № 476 decree of March 31, 2014, was posted on the government’s official website on April 2.

The funds are allocated within the "Small and Medium Businesses’ Development" subprogram, which is part of the state program "Economic development and innovation economy". In total, 66 out of 85 regions will get RUR 18.135 billion to support small and medium businesses.

The financial support will be provided to the regions that have qualified the competition of the Russian Ministry of Economic Development. The subsidies were granted according to the share of small and medium businesses registered in the region in their total number in Russia. The regions getting the largest grants are: Moscow (1.4 billion), St. Petersburg (1 billion), and Krasnodar region (889.1 million). Yamal-Nenets autonomous region will get the least – RUR 5.826 million.