Promsvyazbank (PSB) announced Thursday that it has extended its credit line to printing company PK Habitat under new guarantees from the Credit Guarantee Agency (CGA).
According to the bank, warranty support on loans was increased to approximately $151,774 to further support small and medium-sized enterprises (SME) that export their products. This adds to what the bank is able to lend to these kinds of businesses.
SMEs, considered one of the priority areas for support and financing, offer seven kinds of loans, four deposit plans and multiple services including management and cash services.
"As part of the anti-crisis program, we have developed a package of measures to support entrepreneurs in the current environment," CGA Chair Galina Izotov said. "[Guarantees allow] you to free up some of its software for use in making new loans. A prerequisite for the partner bank is to maintain or reduce the interest rate on the loan."
PSB is the first commercial bank to implement CGA's anti-crisis program to support SMEs.