CREDIT BANK OF MOSCOW raised RUB 1 bln under a loan agreement with SME Bank
CREDIT BANK OF MOSCOW and Russian Bank for Small and Medium Enterprises Support (SME Bank) signed a loan agreement, according to which SME Bank granted a credit line in the total amount of RUB 1 bln for a period of two years for the factoring product "Non-trading factoring-Bank.
CREDIT BANK OF MOSCOW, being a participant in the program of financial support for small and medium enterprises, will channel the funds raised for financing small and medium-sized businesses engaged in industry, construction, agriculture, services, transport and communications using factoring.
This agreement will give greater access by SMEs to factoring financing on more favourable terms.
OJSC "Russian Bank for Small and Medium Enterprises Support (SME Bank) was established in 1999 as OJSC "Russian Development Bank" in order to finance small and medium businesses. Since 2007, 100% of the shares belong to the State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)". The Bank received its new name in June 2011.