OREANDA-NEWS. July 08, 2010. Federal budget allocated 20,6 million roubles to support and develop small and medium business in the Republic of Karelia in 2010.

Ministry of Economic Development of Karelia has submitted applications for participation in the competition selecting small and medium business entities which in 2010 are granted subsidies to finance the state support measures. The competition was held by the Ministry of Economic Development of Russia. Karelia's applications have received positive evaluation.

As the Deputy Minister of Economic Development of the republic Sergey Alimpiev said, "this money will be distributed as follows: 9,2 million roubles of grants to entrepreneurs starting their own business; 8,4 million roubles of subsidies will be granted to the operating innovative companies of small and medium business for reimbursement of expenses strictly defined by corresponding documents. Two million roubles will be spent on educational programs for small and medium business and one million roubles will be allocated to expand the range of services offered by the Business incubator."