The Small Business Credit Assistance Fund of Moscow RECENTLY signed an agreement with NOMOS-BANK, one of the largest Russian private universal banks, to deposit $15,756,683 of temporarily free funds in the bank.
The funds will be available to NOMOS for 740 days.
NOMOS beat out seven other banks competing for the funds. The applicants were evaluated on the level of interest rates, international long-term credit rating and capital adequacy.
The Fund was established by the Moscow government in March 13, 2006, and operates under the auspices of the Department of Science, Industrial Policy and Entrepreneurship.
The Fund is financed in equal parts BY the Moscow budget and the budget of the Russian Federation. Its main activities are related to providing guarantees for bank loans and bank guarantees to small and medium-sized businesses in Moscow.
Since its inception, the Fund has awarded more than 6,000 contracts and more than $.09 billion in guarantees. It works with 45 partner banks, which are selected on a competitive basis.
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