OREANDA-NEWS. November 03, 2009. LOCKO-Bank and the Russian Bank for Development (RBD) signed a RUR476 million 3-year loan agreement for financing of Small and Medium-sized Businesses. The proceeds will be used for the advancement of the Bank’s SME lending program in Moscow as well as in the regions, reported the press-centre of LOCKO-Bank.   

With the first signs of the economic recovery LOCKO-Bank took further steps for the development of its strategic SME business that was successfully sustained at the times of financial turmoil. SME financing is now offered through the Bank’s 25 full operating branches located in the key economic regions of Russia.

This is the second project implemented by RBD in cooperation with LOCKO-Bank. In November 2008 LOCKO-Bank obtained a 3-year loan for RUR 200 million for financing of small and medium sized businesses. According to Mr. Mikhail Pavlov, Deputy Chairman of the Executive Board, LOCKO-Bank truly appreciates RBD’s decision to provide funds for the development of the Bank’s core business.

About RBD:
Russian Bank for Development was founded in 1999 as a subsidiary of the state-owned “Bank for Development and Foreign Economic Affairs” (Vnesheconombank). RBD launched its SME Lending Support Program in 2004. The program focuses on providing equal access of SMEs to mid-term and long-term resources.