The Ural Bank for Reconstruction and Development was given the status of a partner bank within the state program on the financial aid to small and medium enterprises. The program is currently being implemented by the Russian Development Bank. The money the UBRD has been offered will be used to give loans to SMEs and sole traders.

‘The long-awaited access to cheap loans that the government has promised will be welcomed by the businesses operating in Sverdlovsk and Chelyabinsk Regions, Perm Territory, and the Republic of Udmurtia,’ the bank’s press officer explains.

The SMEs can use the loans to buy, repair, or upgrade their facilities, to launch new technologies, or to stock products or raw materials.

The financing will go along two directions, that is, refinancing and investment. The refinancing loans will be offered for up to three years with 13.5% annual interest rate and a 1% incidental commission. The investment loans can only be spent on investment purposes, with the money offered for up to five years with 13% annual interest rate and 1.5% incidental commission.

The bank can only give a certain amount of money to companies based in each of the four regions, which is why to speed up the process, one can apply online via the Ural Bank for Reconstruction and Development’s website.

Apart from the partnership scheme with the Russian Development Bank, the UBRD has been offering its own loans to SMEs for five years now.