Promsvyazbank (PSB) said Nico, LLC, recently received approximately $84,700 in financing from the bank's venture fund on Friday.
The company began as a family business and is now a chain of grocery stores. Funding from PSB will allow the chain to open a location in Vologda, which is considered to be a growing area.
"Today, in the difficult economic conditions, financial support for entrepreneurs who provide venture capital funds in demand are of great importance. I am confident that provided funds will enable (Nico) to improve service quality and customer service," Anatoly Marinichev, PSB's regional director in Vologda, said.
In June additional entrepreneurial projects and funding will be announced as a new round of the bank's "Support of Russia" program takes place. The project was launched in 2013 with young entrepreneurs and other small and medium-size enterprises in mind. The program has helped fun multiple sectors, including technology, science, trade and production, among others.