OREANDA-NEWS.  June 27, 2014. SME Bank (Vnesheconombank Group) has opened a credit line of RUB 1 bln to Promsvyazbank for support to non-trade small and medium-sized business.

The resources are allocated for 2 years under a new SME Bank’s credit product Non-trade Factoring – Bank launched on March 25, 2014 in order to facilitate factoring support to non-trade SMEs.

The support will be provided to enterprises involved in manufacturing, construction, agriculture, services, transport and communications.

SME Bank and Promsvyazbank have cooperated under the SME Lending Support Program since 2009. Over 1 200 SMEs have received financing in the amount of 30 billion rubles. The weighted average interest rate is 11.8% p.a.