OREANDA-NEWS. July 13, 2009. Tthe Board of Trustees passed the resolution to confirm UNIASTRUM BANK as a participant of the Guarantee Provision Program implemented by the Small Business Lending Assistance Fund in St. Petersburg, reported the press-centre of UNIASTRUM BANK.

UNIASTRUM BANK keeps supporting small businesses. Another step it took in this direction was starting a partnership with the Small Business Lending Assistance Fund in St. Petersburg. On June 30, 2009, the Bank joined the program of the Guarantee Provision Fund (related to loans, advances, leasing operations) aimed at provision of guarantees to small businesses. Participation in this Program will let the businessmen who applied for loans to UNIASTRUM BANK decrease the required security down to 50%, as well as receive partial interest rate funding (from one half to two thirds of the refinancing rate of the Central Bank).

Cooperation of the Bank with the Small Business Lending Assistance Fund is implemented in the framework of activities of the regional Small Business Lending Assistance Fund. Issues of support to the St. Petersburg businesses were discussed at the meeting held by the management of UNIASTRUM BANK and the Bank of Cyprus and Vice-Governor of St. Petersburg Mr. M. E. Oseyevsky. In the period from 2009-2011 UNIASTRUM BANK will invest in the regional economy RUR 10 bln. And 50% of this amount will be granted as loans to small and medium-sized businesses.

Lending to small businesses is a priority for UNIASTRUM BANK. Last November UNIASTRUM BANK and the Bank of Cyprus Group signed a Memorandum of implementation of the Small Business Lending Program throughout the whole of Russia. And UNIASTRUM BANK contributes to development of Russian businesses both via active cooperation with the Regional Governments (Moscow, St. Petersburg and others), various noncommercial funds and via offering new banking products. These are both “anti-crisis” loans with lower interest rates aimed at boosting business development (e.g. “U-Prime”), and special programs taking into account peculiarities of different economy sectors (dentistry, producers of semi-finished products, service stations, neighborhood retailers and many others).

“We have had a successful experience of cooperation with the Small Business Lending Assistance Fund, Chairman of the Management Board Pavel Neumyvakin stated. The city provides funding to cover from one half to two thirds of the interest rates under loans to be granted to small businesses. Besides, a special fund to support businesses exists acting as a guarantor for the banks under loans granted to small businesses. Such models of lending, I am sure, will be demanded for in St. Petersburg as well”.