OREANDA-NEWS. September 16, 2014. JSC Sberbank of Russia and JSC Non-Banking Deposit & Credit Organization Credit Guarantee Agency with the support of CJSC Delovaya Sreda organized the all-Russian seminar “Guarantee Support for Small and Medium Business” to inform entrepreneurs about a new instrument of state support.

The seminar was broadcast to 100 Sberbank business development centers located in 80 Russian cities and had an audience of more than 1,000 people from around the country.

The seminar was addressed to representatives of small and medium businesses (with annual profits of up to RUB 1 bln) that require debt financing for investment purposes (acquisition, development, modernization, reconstruction or renovation of fixed assets) but have a shortage of capital.

“Today Sberbank is the leader in regional guarantee funds, having issued guaranteed loans worth more than RUB 20 bln. For the next year and a half Sberbank’s priority will be investment loans. Taking into account the new instrument we expect Sberbank to issue agency guaranteed loans worth several billion rubles by the end of 2014,” said Director of Sberbank’s Small Business Development Department, Andrey Sharov.

Sberbank is the first bank to be accredited by the Credit Guarantee Agency. The Agency provides guarantees (up to 50% of the loan’s value) for investment loans up to 7 years. The guarantee costs 1.75% annually. The Agency has registered capital of RUB 50 bln for guarantees to support small and medium business.

Invited speakers included representatives from the Ministry of Economic Development and the Credit Guarantee Agency. At the end of the seminar entrepreneurs from every region were able to ask questions and get feedback online.