OREANDA-NEWS. March 11, 2010. Interest charged on new SB loans has been cut by an average of 3%. Rates for the Bank’s highly popular U-Prime option currently start at 15% APR for ruble-denominated credits, or at 10.5% for loans issued in dollars or euros. Crucially, all other repayment terms and conditions remain unchanged, reported the press-centre of Uniastrum.

Accordingly, the rate for U-Prime ruble loans has been downscaled 2.7%, and dollar and Euro credit tariffs 3.5%. Under the new initiative, arrangement fees start at 2% of the principal amount.

The U-Prime loan program remains a firm favorite among small business owners, not least because of its easy, customer-friendly payment terms, under which anywhere between Rb 1 mn and Rb 50 mn (or the dollar/euro equivalent) can be borrowed for up to a period of 10 years. Without doubt, the scheme’s most appealing features are the generous loan period, which makes for affordable monthly installments that won’t put a strain on a small business budget, as well as the cut-price interest rates for borrowers preferring their loans in dollars or euros. Applying for a loan couldn’t be easier: to fill out an application form, simply click on http://www.uniastrum.ru/ru/juridical/crediting/form/

As of year-start 2010, Uniastrum’s SB lending portfolio tipped the scales at over Rb 4.6 bn, more than double the year-earlier showing of Rb 2.1 bn.

This year the Bank is moving ahead with plans to open more small business loans centers. To date, 4 such centers have been put into operation at Uniastrum satellite offices. H110 is expected to see 9 SME business loans centers launched in Moscow and the Moscow region. These specialized offices will cut the loan application and processing period to as little as 5-10 business days.

“Lending to small business is a very large and rapidly expanding market segment with huge potential. Before too long we intend to begin marketing an entirely new range of initiatives for the small business community,” says Svetlana Chubakova, Uniastrum Vice-President for Small Business Development. “Our aggressive rollout plans for this segment should enable us to more than double our existing SB lending portfolio.”