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Support for Small and Medium Business
Subject to article 3 of Federal Law dated May 17, 2007 ¹ 82-FZ “On the Bank for Development” Vnesheconombank shall participate in providing financial support for small and medium-sized enterprises by way of financing lending institutions, legal entities responsible for supporting small and medium-sized enterprises.
“The Procedure for Providing Financial Support for Small and Medium-Sized Businesses by State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’” was approved by Vnesheconombank Supervisory Board’s decision dated February 2009. Subject to the Procedure financial support is to be provided by the Russian Development Bank, a subsidiary bank 100% owned by Vnesheconombank.
Russian Development Bank’s Program of Providing Support for SMSE
In August 2008, the Russian Development Bank, a subsidiary bank 100% owned by Vnesheconombank in cooperation with the International Finance Organization (IFC), the World Bank Group’s member, launched an internet-portal designed to provide information support for Russia’s small and medium-sized enterprises.
This project aims to create an accessible information resource where businessmen can find relevant, hands-on information on registration, management, financing and development of their own business in the Russian Federation.
The information is posted on the site and updated on a regular basis. New articles and analytical surveys are also posted on the site. With the help of special services, businessmen will be able to put their questions to experts and inform themselves about regulatory documentation regulating activities of small and medium-sized enterprises in Russia. Moreover, news and events most relevant for representatives of small and medium-sized enterprises are posted on the site on a regular basis.
The Russian Development Bank’s partners in this project include OPORA ROSSII, Delovaya Rossia, the Association of Russian Banks (ARB), the Association of Regional Banks (Assotsiatsia Rossia), the Russian Microfinance Center and others.
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