OREANDA-NEWS. August 13, 2009. The Russian Bank for Development is proceeding with a series of consultations and meetings on the state-sponsored SME lending support program that has already started. In the course of this program Deputy Chairman of the Board of RBD Nadezhda Martynova took part in a “round table” with participation of representatives of the bank of Russia and heads of 50 Moscow banks. The event was organized by Association of Russian Banks, reported the press-centre of Russian Bank for Development.

In her report N.Martynova in particular focused on the basic principals of the state-sponsored SME lending support program that was launched on June 19 and its differences from the earlier implemented program as well as from other forms of government support.

According to Mrs.Martynova “one of the principal dissimilarities of the RBD’s program from the regional ones is that the funds committed by the Bank are repayable and chargeable, at that RBD monitors proper use of the funds and their efficiency. It guarantees higher productivity of the program than non-repayable funding, for example, subsidies”, - she explained.

The main dissimilarity of the program a mechanism of refinancing SME loan portfolios that have been already formed by the banks. It will enable not only to increase the financial support but to enlarge the customer base of the banks, that is to say more small enterprises will receive loans. One more novelty is approving of regional limits; it will make government support recourses available for SMEs in all Russian regions. She said also that RBD had received 161 applications from the banks purporting for financing under this program. “After we complete reviewing the applications we shall publish the final list of the counter-party banks on our web site www.rosbr.ru. Our main task is to minimize interest rates for the end-users – SMEs”, she said.

In addition N.Martynova informed that RBD in cooperation with the Bank of Russia had developed a mechanism of refinancing in order to enlarge the recourse base of SME lending. “This program’s implementation is another efficient tool for multiplication SME support”, - she resumed.