Russia's Bank Vozrozhdenie announced last week that it has signed a cooperative agreement with the newly established Agency for Credit Guarantees--Russia's newly created federal guarantee agency--to improve the terms of lending to small and medium-sized enterprises (SMEs).
Under the agreement, the agency will extend direct guarantees and counter-guarantees for the improvement of lending to SMEs, including individuals registered with the state, legal entities and small farms.
"In our cooperation with [the bank], we see the future evolution of SMEs," Galina Izotova, the chairman of the Agency for Credit Guarantees' management board, said. "We are ready to provide our accredited partner with the new opportunities of SMEs state guarantee support and hope to start our work in the nearest future."
According to the Bank Vozrozhdenie Chairman Alexander Dolgopolov, the agreement will allow many of the bank's borrowers to successfully develop their businesses.
"The Agency's establishment will definitely become the driver for entrepreneurship development as its guarantees solve one of the most challenging issues of the investment lending--deficit of liquid collateral," Dolgopolov said. "Bank Vozrozhdenie was one of the first banks in Russia to be accredited by the Agency, and now, together with the largest local banks, it will use this instrument for SME lending."
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