YEREVAN, June 25. /ARKA/. The Russian-owned Bank (VTB Armenia) has launched a new credit offer called ’10:0’ designed for lending to small businesses, the bank told ARKA. According to a Bank press release, the special offer will be effective until September 30, 2012. During this time span the customers will be offered loans in AMD and U.S. dollars at 10% interest rate per annum. The Bank said it wil charge no commission for providing loans.

The Bank said it had launched in May and June of this year several new loan products, all designed specifically for small businesses called "Now!" Business Loan, "White" and "10:0" offer.

"These new products have been introduced to step up financing to small businesses in Armenia at most profitable and competitive terms and in the shortest possible time," according to the press release.

It said White loan is a unique product in Armenia: it provides small business customers with opportunity to get a loan without collateral in the amount of 2 to 30 million drams (and the equivalent in foreign currency) if the loan is guaranteed by two individuals. It is repayable in 24 months.

Given the numerous proposals of its clients, the Bank also has introduced the Now loan product demanded highly by individual entrepreneurs.

This product will allow individual entrepreneurs to receive loans within 2-8 hours via an automated system that makes credit decisions. To obtain a loan, "Now!" the client should submit the package of necessary documents and fill out a loan application.

"Lending to small businesses is one of the leading activities of Bank VTB (Armenia). As part of this trend in 2011 the Bank designed and introduced a number of competitive loan products that have no analogues in the lending market in Armenia, which meet the needs of most demanding customers " the Bank’s acting CEO, Yuri Gusev was quoted as saying.

Bank VTB (Armenia) is owned by Russian VTB Bank (JSC). It has 68 branches across Armenia. -0-