OREANDA-NEWS. December 14, 2010. The Russian Bank for Development has opened a credit line to VTB24 for SME support worth RUR 5 billion. The resources will be allocated to small enterprises with a 5 year maturity. Small enterprises may use the funds for purchase, repair and modernization of fixed assets; expansion of production; introducing new technologies and other purposes. RUR 5 billion will be distributed in 65 regions of VTB24 presence, reported the press-centre of RBD.

The loans under the State SME Lending Support Program will be available for the regions from the Kaliningrad Oblast to the Kamchatka Kray.

 - RUR 5 billion is the largest loan transaction this year. These funds will make the loans more accessible in terms of the interest rate and maturity. The total lending volume within the framework of this project will reach RUR 10 billion since under the product ‘Co-financing’ VTB24 will extend extra-loans to SMEs for a total amount of RUR 5 billion from its own funds, - comments on the agreement Andrew Nekrasov, Senior Vice-President, VTB24.

- Joint efforts on SME lending enabled us to carry out a great many of successful projects in small business. The scheduled allocation of funds for SMEs envisages providing support to entrepreneurs who work preeminently in industry, - pointed out Sergey Krjukov, Chairman of the Board of RBD.