Promsvyazbank (PSB) announced on Wednesday that it would provide continued financial support to entrepreneurs in the country through its venture fund.
The bank agreed to provide funding to a venture located in Yekaterinburg in the amount of $69,517 to open a coffee shop and bakery. This project is set to begin operation near the end of March 2015.
The bank has also agreed to fund the opening of a Moscow kindergarten franchise, Sun School, in the amount of $23,172. According to PSB's announcement this school will feature a playground that will serve multiple purposes.
With the bank's venture fund, they have supported 19 projects from entrepreneurs from all across the federation. Selecting additional projects for 2015 is currently ongoing.
According to the PSB representative of the fund, the bank is monitoring markets. They stated that a large concentration of investments is in the information technology field. Over 1,500 applications for funding have been received by the bank, and it is currently accepting funding applications at the PSB Venture Fund site.