The program currently envisages teaming up with 29 regional small enterprise assistance funds throughout the Russian Federation.
Uniastrum Bank has set the terms and conditions governing loans issued to small and midsized enterprises under guarantees provided by SME assistance funds in cases where businesses are unable to put up sufficient collateral or wish to take out a loan that is otherwise beyond their means. Since early April this year Uniastrum has focused heavily on attracting small and midsized enterprises in Moscow and regions such as Rostov, Novosibirsk, Altai, Saratov, Ryazan, Magadan, Tver, Primorsky, Perm, Lipetsk, Smolensk, Omsk, Ivanovo, Murmansk, Leningrad, Tula, Voronezh, Bryansk, Kaliningrad, Kirov, Ulyanovsk, Arkhangelsk, and Volgograd, as well as the republics of Bashkortostan and Udmurtia.
The lending scheme involves extending loans to financially sound small and midsized enterprises that lack the collateral necessary either to meet the loan conditions or to borrow the amount they require. Under the scheme, however, if an SME lodges security at least 50% of the loan, the other 50% is covered by a guarantee issued by the Small Enterprise Assistance Fund.
For the purposes of the credit program, an SME is categorized as any corporate entity or sole proprietor whose business is at least breaking even, has been operating for a minimum of one year, whose total annual revenue is no more than Rb 1 bn (excl. VAT), in which the owners or legal entities have a maximum share of 25%, and whose headcount does not exceed 250.
Lending to the small business community is a core component of Uniastrum’s loan mix. The Bank continues to make a notable contribution to the development of Russian enterprise via its active partnerships with regional administrations and various foundations, as well as through bank products specially designed to appeal to small business owners. One of Uniastrum’s most popular SB loan options is its U-Prime initiative, not least because of its easy, customer-friendly payment terms, under which anywhere between RB 1 mn and RB 20 mn (or the dollar/euro equivalent) can be borrowed for up to 10 years. Without doubt, the program’s most attractive features are its generous repayment period, which makes for affordable monthly installments that won’t put a strain on the small business budget, as well as the cut-price interest rates for borrowers who prefer their loan in dollars or euros. Since March 1, rates for new U-Prime credits begin at 15% APR for ruble-denominated facilities, while those in dollars or euros are upwards of 10.5%. Arrangement fees start at 2%.
For more information call or write Olga Kurganova:
744 04 04, ext. 1066
kurganova@uniastrum.com