OREANDA-NEWS. August 01, 2012. The Bank of Moscow has signed a co-operation agreement with GBU Moscow Small Business. On behalf of the Bank of Moscow, the agreement was signed by Irina Nikitenko, Vice-President, and on behalf of GBU Moscow Small Business by its General Director Dmitriy Molchanov, reported the press-centre of Bank of Moscow.     

Within the framework of the Agreement, the Bank of Moscow will provide assistance to small and medium-sized Moscow enterprises in obtaining subsidies to recover part of the costs of servicing loans received for business development.

"The recipients of the subsidies will be small and medium-sized enterprises with annual revenues of up to RUB 1 billion and up to 25 employees", commented Dmitriy Molchanov, General Director of GBU Moscow Small Business. "The subsidies might compensate for part of the interest rate on loans in the amount of the refinancing rate of the Bank of Russia, which is currently equal to 8% per annum."

"Conclusion of the given Agreement will have a beneficial impact on development of the Bank’s business and will help small and medium-sized enterprises in Moscow to establish themselves as efficient business units", commented Bank of Moscow Vice President Irina Nikitenko. "I am convinced that signing of the Agreement will constitute an excellent launch of co-operation between the Bank of Moscow and GBU Moscow Small Business."

State Budget Institution Moscow Small Business was set up on 13 March 2012 in accordance with a directive of the Moscow Mayor Sergey Sobyanin for supporting small and medium-sized business.