Belarusian Innovation Fund

The Belarusian Innovation Fund provides state support for the development of innovative entrepreneurship and the effective functioning of enterprises and organizations of various forms of ownership that develop and produce science-intensive innovative products in the Republic of Belarus. The fund offers the following forms of support:

1. Financing of innovative projects on a repayable basis under preferential conditions: interest is accrued at 0.5 of the refinancing rate of the National Bank; funds are allocated for up to 7 years with the possibility of deferred payment for up to 2 years; no loan insurance or collateral required.
2. Venture financing from the republican budget for up to 5 years without collateral and insurance, including a deferral for the return of funds and a mechanism for the undisputed collection of unfulfilled obligations.
3. Vouchers on a non-refundable basis for individuals and individual entrepreneurs for up to 25,000 USD for the implementation of a project at the initial stage.
4. Grants on an irrevocable basis for legal entities which are small businesses, in the amount of up to 100,000 USD, subject to a cash participation of at least 10% of the total funds required.

The program is based on the Decree of the President of the Republic of Belarus No. 174 of March 25, 2008 and is available at the republican level.