OREANDA-NEWS. September 26, 2011. Under the agreement, the Fund will guarantee Uniastrum-issued loans of up to Rb 20 million taken out by local small and midsized businesses

Uniastrum Bank’s Irkutsk branch continues to deliver on its commitment to support the region’s SME community. As of September 1, 2011, the branch’s small business credit portfolio totaled Rb 560 mn, up 50% year-on-year. In the same period, its corporate lending portfolio climbed 60% to over Rb 1.5 bn.

Uniastrum’s working relationship with Irkutsk Region Guarantee Fund will ensure that loans are more readily available for local small and midsized businesses. By taking advantage of the Fund’s program, enterprises lacking sufficient liquid collateral can secure the amount they need. The Fund is able to guarantee up to 50% of any loan commitment undertaken.

A Uniastrum Fund-supported loan is available to any SME registered and operating in the Irkutsk region. Under the scheme, borrower enterprises must have been working for no less than 3 months, be current on taxes and other budget payments, and be able to lodge collateral equal to at least 50% of the principal.

“It remains our conviction that small and medium businesses have next to no chance of making a real go of things without resorting to borrowing, which is why we are dedicated to creating as many opportunities as possible for our SME clientele,” notes Kirill Tikhonov, Uniastrum’s Managing Director for Corporate Business Development. “Guarantee funds make taking out a loan far easier, thus providing practical and effective help to small and medium concerns. Uniastrum Bank currently partners with guarantee funds in 27 regions nationwide.”