OREANDA-NEWS. September 17, 2013. SME Bank (Vnesheconombank group) is launching a new credit product for partner banks - SME-Baltic - Innovations.

The priority will be given to SMEs operating in the non-trade sector and implementing innovative projects in the Kaliningrad, Leningrad, Novgorod and Pskov Regions as well as in St. Petersburg.

The advantage of the aforesaid credit product is that the borrowing cost for SMEs will not exceed 12% p.a. The funds will be provided for a period from 1 to 5 years. Each SME will be granted up to RUB 60 million (or USD-equivalent at the exchange rate of the Central Bank of Russia).