OREANDA-NEWS. November 03, 2010. The Russian Bank for Development under the SME Lending Support Program has opened to OJSC CB Ellipse Bank a credit line worth RUR 100 million with a 1-year maturity for financing factoring operations of small business, reported the press-centre of RBD.

Factoring is one of the priorities for Ellipse Bank. The factoring program is targeted on SMEs (growers of agricultural produce and processors operating in the Nizhny Novgorod Oblast and delivering goods to the retail trade with delay in payment) with subsequent buildup of a portfolio of factoring agreements.

Moreover RBD has provided to Ellipse Bank a scheduled loan worth RUR 150 million with a 3-year maturity for SME lending. The allocated resources will be distributed among SMEs in the Nizhny Novgorod Oblast and channeled to agriculture development, leather production and different production purposes.