The Bank of Moscow extended $63.1 million in financing under surety of the Small Business Credit Assistance Fund in 2013, making it the second among the fund's partner banks by the amount of surety provided under signed agreements.
Cooperation between the Bank of Moscow and the Moscow Small Business Credit Assistance Fund started in 2006. The bank currently offers support to more than 30,000 small business enterprises in the Russian capital.
"The cooperation with Moscow Small Business Credit Assistance Fund is very important to the Bank of Moscow. Small enterprises often experience difficulties with providing the required collateral to obtain credit funds, and it is the state support offered via a surety fund in the form of surety that enabled small business to obtain credit funds necessary for their development," Ekaterina Orlova, the director of the Bank of Moscow's small business department, said.
The Bank of Moscow is the fifth largest bank in Russia, providing banking services to more than 100,000 corporate customers and more than 7 million individuals.
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