YEREVAN, May 26. /ARKA/. VTB (Armenia) bank has added a new tool to its line of credit products designed for small business, the bank's press service reported today. It said the new tool is available to clients with positive credit history.

The interest rate on loans from 100 thousand to 5 million drams is 18% (the effective interest rate is 19.56%). In the first phase of the program the bank plans to finance entrepreneurs of the country for a total amount of up to 1 billion drams.

Small businesses operating in retail, manufacturing and services sectors can take advantage of new product. The key requirements are a positive credit history and an active loan from a third-party bank. The loan can be used for financing current operations, debt repayment and other business purposes. Loan is given for 48 months. Loan decisions are made within 2 hours.

"Small business is one of the strategic directions of the bank's operation, and it is important for us to remain a reliable financial partner for the clients of this segment. That is why we decided to launch a product for them with simplified registration - without collateral and additional financial analysis. The important advantage is the speed of processing - the decision is made within 2 hours. At the initial stage of the program, we plan to place credit funds up to 1 billion drams," said the Acting CEO - Chairman of VTB (Armenia) Ara Avagyan.

To clarify the terms of the loan, as well as to apply for the loan one should visit the bank's website or any of its branches.  

VTB Bank's (Armenia) activity is regulated by the Central Bank of Armenia. -0-