On October 15 Uniastrum Bank and the Russian Bank for Development signed an agreement to issue special-purpose under a pilot program to support small and midsized enterprises over a three-year period.
In line with the agreement, Uniastrum is to partner the Russian Bank for Development (RBD) under a government program to render financial support to SME. More specifically, the agreement calls for RBD to issue Uniastrum Bank targeted credit totaling Rb 25 mn, which will be used to finance small and midsized businesses in the Magadan region, which are to receive their respective loans by January 12, 2010. The agreement between the two banks envisages the use of a refinancing scheme secured by a SME lending portfolio devised by Uniastrum Bank and intended for a period of up to three years. Details of the government SME lending program can be found on the RBD website.
Data released by RosBusinessConsulting show that, based on H109 results, Uniastrum ranks among Russia’s biggest SME lender. In 9M09, the Bank’s corporate lending portfolio expanded 31% to Rb 28.6 bn, of which Rb 10.2 bn were given out to small and midsized businesses. At present, Uniastrum’s Magadan region branch reports an SME portfolio of over Rb 700 mn, most of which falls to businesses working in the service sector, wholesale and retail traders, and auto repair companies.
Uniastrum kicked off 2009 with the launch of new products specially catering to the needs of small and midsized enterprises such as, among others, convenience stores, semifinished manufacturers, and producers and sellers of healthcare equipment. Small businesses everywhere have wasted little time in taking full advantage of the benefits offered by the Bank’s U-Prime loan program, which enables borrowers to take out anywhere between Rb 5 mn and Rb 50 mn for a period of up to 10 years. What makes U-Prime so unique is its crisis-defying interest rates, which begin at 17.7% for ruble-denominated loans and from 14% for credit issued in dollars or euros.
“Small and midsized enterprises play a major role in countries with a developed market and transition economy,” says Igor Apostolov, Director of Uniastrum’s Department for Cooperation with Government Agencies.
“Moreover, in most countries you’ll find it’s SME that are the main driver of economic growth, creating job opportunities and raising living standards, which explains why the SME segment has been prioritized in Russia’s recession-fighting policy. Supporting small and midsized businesses is one of Uniastrum’s core strategic focuses, and this is particularly timely as far as the region’s are concerned.”
For more information call or write Olga Kurganova:
744 04 04, ext. 1066
kurganova@uniastrum.com