VTB Bank (Armenia) to increase lending to smes to 5 million drams

11.02.2013 15:48
VTB Bank (Armenia) to increase lending to smes to 5 million drams

YEREVAN, February 11. / ARKA /. VTB Bank (Armenia) and the National Center for Small and Medium Enterprises have revised their agreement to help SME, signed in 2012 June, VTB Bank (Armenia) said today in a press release.

As part of that agreement the National Center for Small and Medium Enterprises provides funds to the Bank for further on-lending to start-ups at favorable terms. Particularly, the loans are provided at 10 percent interest rate without collateral (the loans are guaranteed by the National Center) and without additional fees for the provision of the loans and their servicing.

After the revision of the agreement the National Center will increase the size of funds provided to VTB Bank (Armenia) from 3 million to 5 million drams. The repayment period was extended from 3 to 5 years. In addition, loans up to 5 million drams for Armenian entrepreneurs from Syria will be provided at 4 percent interest rate with a repayment period up to 5 years.

Since 2012 June VTB Bank (Armenia) has provided 120 such loans worth 250 million drams.

VTB Bank (Armenia) CEO Yuri Gusev was quoted as saying in the press release that boosting ties with the National Centre for Small and Medium Enterprises is another step towards expanding cooperation with SMEs.

"The main objective of our cooperation is increasing access of small and medium-sized enterprises to affordable loans and improving the mechanisms of financial and credit support to enterprises,"- he said.

VTB Bank (Armenia) is owned fully by Russian VTB financial group. The Bank has the largest branch network in the country - 67 branches. ($ 1 - 406.10 drams). -0-


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