Russian miner to support small businesses in region neighboring Norway, Finland

Russian non-ferrous metals miner Norilsk Nickel will finance and support eight business projects aimed at improving the quality of life for residents of the Murmansk Region, which borders Norway and Finland, the company announced.

The amount of funds is 20 million rubles ($231,000), which will be allocated in the form of interest-free loans for up to two years.

For four months, the company held an educational program for beginners and existing entrepreneurs of the Murmansk region, during which participants formed business projects, received mentoring support, consultations, and discussed key issues of business development in the region during trainings and webinars. The educational program concluded with a demo day and an investment session, where entrepreneurs presented their business projects.

During the investment session, 13 business projects were considered, applying for funding from Norilsk Nickel. Eight received support, including projects in the field of public catering, trade, and service.

“Entrepreneurs showed a decent level of preparation for the investment session, presented promising and cost-effective business projects. The Expert Council approved more than half of them, which indicates the quality of training and high results of the educational program. It is important for the company not only to support the existing business in the territory, but also to help entrepreneurs start from scratch,” Nornickel’s social policy director Irina Zhuykova said.

The total number of applications received exceeded 90, and more than 30 start-ups and existing entrepreneurs were invited to the first module. Boosting competencies of small and medium-sized businesses in the regions where the company operates has become one of the significant goals of the project.

The projects that received funding are Automagia service station, Magia SPA beauty studio, Remarka gastropub and Moroshka cafe in Zapolyarny, Magnit men’s clothing store in Nickel, as well as KulturMulTur cafe, Arctic soap workshop and a rental station in Monchegorsk.

Social entrepreneurship is the focus of Nornickel’s World of New Opportunities charitable programme. Since 2014, the company has funded 43 business projects for a total of over 158 million rubles, thus creating more than 170 jobs. Over 40 business projects were launched by the graduates of the Social Entrepreneurship course and the intensive Business Projects Accelerator programme on their own.