Subject The growth of investment activity of agricultural goods producers, which is achievable only upon availability of effective credit products and a stable system of State support to lending, becomes a key factor of dynamic development of agriculture in conditions of Russia's accession to the WTO and the increased competition in the farm product market. The severe shortage of funds of the Federal budget resulting in the inability to grant subsidies to compensate a part of costs of interest payment on loans has an adverse effect on the investment climate in the domestic agrofood sector. In 2013, according to the Ministry of Agriculture of the Russian Federation, the deficit of allocations from the Federal budget to repay the assumed obligations on investment loans made 18.3 billion rubles. Objectives In these conditions, the objective is to develop effective procedures for granting subsidies to compensate a part of costs associated with the interest payment on loans. Methods On the basis of generalizing the effective legal framework for State support to the agricultural sector and the statistical data, I made a reasoned and critical analysis of the condition of the State support to rural producers' lending. Results I have developed unique proposals on improving the procedure for granting subsidies to compensate a part of interest rate on loans. These proposals may be particularly valuable when distributing subsidies between the subjects of the Russian Federation as they intend to increase the efficiency of budgetary expenses. Conclusionsand Relevance The original proposals may add momentum to the process of budgetary support to lending, give a boost to investment appeal of agriculture. Some proposals were efficient for building the regional regulatory framework for the agrarian sector subsidization.
Keywords: State support, subsidies, lending, Orel region
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