OREANDA-NEWS. February 11, 2011. The Russian Bank for Development seeking to introduce non-credit SME lending schemes is creating a closed unit investment trust “MIR” (MIR Foundation) and a required infrastructure (a management company has been registered – “Modernization Innovations Development” OJSC (MIR Management Company), and accelerates efforts of RBD Leasing OJSC, reported the press-centre of RBD.

Using MIR Foundation the Bank will participate in the capital of SMEs implementing innovative and modernization projects by acquisition of shares in the enterprises. MIR Management Company scans innovative and/or modernization projects of SMEs. The Foundation’s share participation involves provision of funds for a single project in the amount of up to RUR 60 million for 3-5 years. In 2011 the foundation intends to implement 5 projects for a total amount of RUR 260 million. The sources for investments are the Bank’s funds of RUR 260 million as well as Russian and foreign investors.

In 2010 RBD developed Financing for Innovations and Modernization Program under which the Bank proceeded with lending to new business projects. The bank in cooperation with partner-banks created a procedure for selecting innovative-oriented small business. The criterion for innovativeness is a project aimed at commercialization of the own research works and availability of a valid patent. Thus how the partner-banks assess an innovative enterprise. The Bank is creating a calculating modernization tool which will allow detecting effective SMEs. “The Bank is interested in support to innovative and modernization projects in small business and gives priority to their profitability, environmental safety, energy efficiency, safety, etc.”, said Sergey Krjukov, Chairman of the Board of RBD.