VTB Bank has become the first Russian bank to sign a loan deal as part of a programme to stimulate lending to small and medium enterprises led by the Federal Corporation for the Development of Small and Medium Business (SME Corporation) and the Bank of Russia.
This programme is a new government support initiative for lending to small and medium-sized enterprises (SMEs) that invest in priority sectors of the economy. Interest rates on loans will be capped at 10% for medium-sized business entities and 11% for small enterprises annually, making this programme unique in its approach.
The first deal under this programme was concluded with Vinsantel, in the construction industry. Vinsantel secured a loan of RUB 300 million, issued as part of a deal to finance the reconstruction of a sports centre in Ufa.
Deputy President and Chairman of VTB Bank Management Board Mikhail Oseevskiy said: “We are proud that VTB was the first Russian bank to carry out a transaction under the small business lending stimulation programme implemented by the SME Corporation and the Bank of Russia. We have repeatedly highlighted how important it is to support small and medium-sized businesses that have growth potential and are competitive in the Russian market. Now VTB has another tool to offer real support and on attractive terms to these companies. The bank is now working on a series of long-term deals under the programme.”
“A reasonable interest rate is crucial for SMEs to have access to credit. The programme, developed with the support of the Russian Ministry of Economic Development and the Bank of Russia, helps us address this issue and, in cooperation with authorised banks and under VTB leadership, we can create favourable conditions for lending to entrepreneurs,” said Alexander Braverman, General Director of the SME Corporation.