Vozrozhdenie Bank (VB) announced on Thursday that it has paid off a loan facility awarded in 2009 by the European Bank for Reconstruction and Development (EBRD).
This funding from the EBRD, which amounted to approximately $35 million, along with the $16 million from the Russian Small Business Fund, was used in support efforts of the bank toward micro-businesses.
In 2012, VB launched its micro-business program that focused on small businesses in the country. It states that it was able to address the needs of owners through market research, allowing the bank and clients to benefit financially. The VB portfolio in this area totals approximately $34.5 million, as of the beginning of this month; 27 different branches participated.
EBRD's support of, and lending to, small and medium-sized enterprises matched with the priorities of VB. According to VB, the partnership has been successful.