OREANDA-NEWS. February 01, 2012. SME Bank (Vnesheconombank Group) is launching a new credit product “FIM Special Purpose” to support innovative, modernization-related and energy efficiency projects of small and medium-sized enterprises, reported the press-centre of SME Bank.

The new credit product is implemented under SME Bank’s programs designed to provide affordable and long-term resources for SMEs for modernization of Russian economy and for improving of living standards. Partner banks can allocate the funds to modernization and expansion of existing production facilities, implementation of new technologies, research and other purposes related to innovational, modernizational or energy efficient projects.

The interest rate for partner banks under “FIM Special Purpose” credit product is fixed at 8.5% p.a., tenor up to 5 years. The interest rate for SMEs is limited by 12.5% p.a.

The first partner for “FIM Special Purpose” product became URALSIB OJSC. The agreement was signed for RUB 1.665 billion. URALSIB will allocate loans to SMEs within first 7 months.