OREANDA-NEWS. February 08, 2010. The Russian Bank for Development within the framework of implementation of the SME Lending Support Program has concluded a loan facility agreement with the Agro-industry SME Support Fund “St. Petersburg to farmers, gardeners and personal subsidiary economy”, reported the press-centre of RBD.

Pursuant to the loan agreement RBD has opened to the Fund a credit line worth RUR 15 million with a term up to 3 years for subsequent providing special purpose loans to small and medium-sized agro-industrial enterprises of the region, gardeners, enterprises of the municipal housing economy and other organizations. Maximal loan per an SME will amount to RUR 1 million with a maturity from 6 months to 3 years. The Funds obligations to the Bank will be secured by the guarantee of OAO Agency of Credit Security, pledge of rights and the agreement on conditions of assignment of rights for loan contract with SMEs.

The loan agreement between RBD and the Agro-industry SME Support Fund “St. Petersburg to farmers, gardeners and personal subsidiary economy” is designed to facilitate financial support to farmers and agro-industry enterprises and build up efficient agro-industrial complex in Russia.
The Agro-industry SME Support Fund “St. Petersburg to farmers, gardeners and personal subsidiary economy” was established in 1992 under the initiative of the Administration of St. Petersburg and the Leningrad Oblast’s Government and currently is one of the key elements of SME support infrastructure in the area of agricultural sector in the region. The Fund renders leasing services to SMEs, extends micro-loans, and renders consultancy services to small and medium-sized enterprises, horticultural economy, municipal housing economy and other organizations in the region.