OREANDA-NEWS. September 23, 2009. The Bank of Moscow is improving the conditions for crediting of small business and has announced a cut in the interest rates on loans. The previous minimum interest rate on a credit for developing business or express overdraft for a small enterprise 16% per annum in roubles has now been cut to 14% per annum.

"The interest rate cut and liberalisation of requirements in assessing entrepreneurs’ businesses have made borrowed funds more accessible for small businesses", comments Irina Nikitenko, Vice-President of the Bank of Moscow. "It is not secret that the potential for developing small business crediting in Russia is enormous, but borrowed funds have recently been too expensive for most entrepreneurs. We are gradually resolving the problem of the cost of credit resources for businessmen".

The Bank of Moscow currently offers six types of credit product for small businesses. The Bank is actively co-operating with Moscow Small Business Credit Fund, as well as regional structures providing security for loans to entrepreneurs.