OREANDA-NEWS. October 14, 2010. Uniastrum Bank has enjoyed a successful partnership relationship with the Moscow Small Business Credit Assistance Fund ever since it was set up, helping to make securing a loan easier for small and midsized enterprises in the Russian capital. In cases where a borrower lacks sufficient collateral, he can use a Fund guarantee to obtain the amount required. Typically, a guarantee is up to 50% of the principal amount applied for. In the majority of cases, the amount provided by the Fund cannot exceed Rb 30 mn for loan agreements and Rb 50 mn for bank guarantees per borrower. Even so, no limit is placed the size of the loan.

Uniastrum Bank loans supported by a SBCAF guarantee are available to businesses that are registered and operating within the Moscow region and officially qualify as small or midsized enterprises. A potential borrower must have been in business for at least 12 months, be current on taxes and other budget payments, and capable of putting up collateral that is usually no less that 50% of the principal amount.

In 2009 Uniastrum disbursed a total Rb 500 mn to enterprises under guarantees issued by the Moscow Small Business Credit Assistance Fund. As of September 1, 2010 the Bank gave out over Rb 450 mn under the same scheme.

“The latest results bode well for our target forecasts, which envisage a big jump in lending to Moscow’s small business community,” notes Eugene Tutkevich, Chairman of Uniastrum’s Management Board. “Financing small and medium-sized enterprises is one of the Bank’s strategic business lines, and we plan to go on developing it next year.”