OREANDA-NEWS. Sberbank has entered into its first deal to finance a small business client so that it can meet obligations under an export contract insured by the Russian Agency for Export Credit and Investment Insurance (EXIAR). A two-year non-revolving line of credit was opened for Woodland LLC; EXIAR will insure 90% of the credit. EXIAR insurance allowed the size of the credit to be increased significantly.

The deal was concluded as part of the new product "Business Contract", thanks to which small business clients can receive financing under new conditions. Loan terms are up to 24 months, and financing can be worth up to 80% of the export contract. There are practically no limitations on where exports can be sent to. EXIAR's insurance can cover up to 90% of the loan.

"Today the share of exports of small and medium-sized businesses in the overall volume of goods exported from Russia is several times smaller than the share in developed countries. By offering our clients specialised products for financing export activities with support from EXIAR, we are providing an additional incentive for small and medium-sized businesses to develop their operations," commented Andrey Sharov, Vice-President and Head of Sberbank's Small Business Development Department.

"Financing that involves EXIAR enables our exporter clients to play a more active role in global trade. In the current conditions we can see big potential for small and medium-sized enterprises to develop their export activities, and are ready to support them by providing financing insured by EXIAR," commented Andrei Ivanov, Head of Sberbank CIB's Trade Finance and Correspondence Relations Division.