OREANDA-NEWS. November 24, 2014. SME Bank (VEB Group) has provided RUB 100 million to Commercial Bank “Association” for SME development projects in the Nizhny Novgorod Region.

The credit support recipients are enterprises that intend to implement innovative projects, upgrade production facilities or employ modern energy efficient technologies. The resources will be provided for 5 years at an interest rate of below 13.25% p.a.

The Bank has been strongly supporting the manufacturing sector in the Nizhny Novgorod Region since 2004. According to the Bank’s Analytical Center the region ranks 15th (out of 83) in the SME Bank Program’s Activity Index. Currently almost 1400 local enterprises have received RUB 11.8 billion in lending support. The Bank’s partners in the region are over 70 banks, leasing, factoring and micro finance organizations.

SME Bank and CB “Association” have cooperated for two years concluding 7 agreements for RUB 830 million.