New York, NY, November 25, 2010 --(PR.com
)-- In today’s economic environment, the sustainable expansion of Russia’s rental business is predicated on the ability of companies to ensure stable earnings and of real estate to offer private investors an opportunity to turn a handsome profit. Uniastrum Bank’s targeted credit program for property lease holders enables them to build their business and undertake new projects.
Under the program, Russia’s SME can access credit ranging from Rb 500,000 to Rb 20 mn (or the dollar/euro equivalent) in order to buy new facilities or make investments for a period of up to 15 years. Conspicuous advantages of the scheme include the easy repayment terms that take into account the specifics of a given business, an application process that eschews scrutinizing every detail of a company’s activities, an opportunity to obtain credit supported by a guarantee from the Small Business Assistance Fund (covering up to 50% of the loan amount), and competitive interest rates starting at 13.5% APR for ruble-denominated loans.
Borrowers are asked to submit most of the requisite documents only once the Bank decides to grant the loan. The loan decision is taken within 3 business days of the application being received.
Lending to the small business community remains one of Uniastrum’s core business lines. With a view to developing this area of its activities, the Bank continues to produce special programs for a diverse range of economic sectors. For the record, Uniastrum’s retail business lending option is already up and running in Samara, Tver, Ufa, and Tyumen. Moving ahead, there are plans to expand the program throughout the Bank’s entire network.
“Before too long we aim to launch similar programs for food retailers, as well as for companies operating in the passenger transportation market,” says Svetlana Chubakova, Uniastrum’s Vice-President for Small Business Development. “In H110 total credits disbursed by Uniastrum Bank to the small business community were up 78% on the year-earlier figures, and we remain committed to lending to this important sector of the economy.”