OREANDA-NEWS. Representatives of Bank Electronika recently took part in a meeting of the Moscow Department for Support and Development of Small Business. During the session, participants discussed partial compensation for interest on loans to the city’s small businesses.

The interest abatement program, which operates under the auspices of the Government of Moscow, makes it possible to compensate part of the interest on loans to small businesses when those businesses satisfy particular terms and conditions. Compensation is funded through the city of Moscow’s budget.

Compensation of a part of the interest is possible only when credit is drawn for special purposes: to obtain resources for development of a proprietary business, its construction or the capital repair or reconstruction of its fixed assets; to purchase constituent parts, raw materials, and other commodities in order to broaden production of goods and services.

The small business must obtain preliminary agreement with a lending institution before the Commission of the Government of Moscow for Financial and Material Support of Small Business will consider its application for compensation of the credit interest.

Providing credit financing to small and medium-size businesses is one of Bank Electronika’s priorities. As part of its strategy for development during the period 2006-2010, the Bank devotes constant attention to this area of activity.