OREANDA-NEWS. January 25, 2010. Russian Bank for Development granted to VTB24 a three-year purpose loan of RUR 2.354 bln under the government SME Lending Support Program on 30 October 2009, reported the press-centre of VTB24.

As consistent with the loan contract terms and conditions, VTB24 should use the allocated funds to finance regional small and medium business lending programs. The contract conditions stipulate that an RBD program loan may be obtained in 47 constituent entities of Russian Federation. Information about regional credit resource distribution may be found on the website of OAO Russian Bank for Development.

A VTB24 member of the Board and the Small Business Servicing Department Director Sergey Suchkov notes: “Today, when the demand for borrowed reserves is growing back, it is particularly important to offer available lending programs to small and medium businesses. Cooperation between VTB24 and Russian Bank for Development will allow us to enhance small business financing, with the best part of the funds going to regional businesses whose credit market is less saturated and who often have troubles obtaining borrowed reserves. The SME Lending Support Program could allow for partial resolution of the problem in question.”