Ulyanovsk Region Industrial Development Fund has supported two major projects

Financial support will be provided to OOO "Ulyanovskiy Priboro-Remontniy Zavod" (Ulyanovsk Instrument-Repair Plant), a manufacturer of equipment and components for wheelchairs, and OOO "AVP Rotang", a manufacturer of rattan furniture from Dimitrovgrad.


The total budget of projects will make more than 15.5 million rubles; about 11.5 million rubles will be used by the regional IDF.

The Industrial Development Fund was created at the initiative of the Governor Sergey Morozov and had been working since February, 2016. Total funding from the regional budget is about 100 million rubles a year. According to the Prime Minister Alexander Smekalin, this support mechanism aims to select the most effective projects, which will help to create new hi-tech jobs and to increase workforce productivity through modernization of production. Over this time, the fund has financed 18 investment projects that created 341 new jobs. “By the aid of the fund, we have supported our small and medium-sized enterprises in the amount of about 280 million rubles. Through implementation of projects, more than 516.9 million rubles of additional investments have been received for development of the regional industry. At the same time, today one of the key requirements specified in the conditions for granting loans is connected with the average salary level at the enterprise, which has to reach the industry average”, - Alexander Smekalin explained.

According to experts of the Fund, implementation of projects will allow to expand manufacturing of import-substituting products, to create 13 new jobs, and to increase budget revenues in amount of more than 9 million rubles.

"Currently we have significantly increased production of components (from a quantity point of view) for our main consumers – manufacturers of wheelchairs. To improve the quality of these goods, we have decided to install additional equipment in our plastic workshop, and it has already increased the output. Since the end of last year, we have been one of the main suppliers of molds and stamps equipment for Cheboksary electrohardware plant, which is working to replace electrotechnical devices for the defense industry that were targeted by sanctions. Within this project we are engaged not only in manufacturing of this equipment but also in development of the products, starting from design development and ending with preparation for the production. We are planning to increase our capacity by almost 1.5 times", - explained Sergey Utin, Director of OOO " Ulyanovskiy Priboro-Remontniy Zavod".

According to Ruslan Gaynetdinov, Chairman of the Board of the Ulyanovsk Region Corporation for Enterprise Development, several essential changes have been made over the last year, which have expanded performance capabilities of the Fund and made this tool more convenient for businesspeople. "The fund's potential is improving. For example, it is very important that now the fund can finance projects of the food industry and the IT sphere. Currently we are working to provide funding for the agro-industrial enterprises", - he explained.