OREANDA-NEWS  The Russian government has allocated 350 million rubles to support small and medium-sized businesses in Crimea, and these funds will be used to capitalize on state microfinance organizations that provide preferential microloans to entrepreneurs, the Cabinet's press service reported.

"The Republic of Crimea and the city of Sevastopol will receive federal funding to support representatives of small and medium-sized businesses. An order has been signed to allocate 350 million rubles from the government's reserve fund for these purposes," the statement said.

The press service clarified that state microfinance organizations that provide preferential microloans to entrepreneurs will be capitalized at the expense of federal funds.

"The decision will additionally support at least 70 entrepreneurs working on the Crimean Peninsula. Such a measure is provided for in the framework of the state program "Economic development and innovative economy," the Cabinet added.