Businesses can secure loans from Uralsib Bank under the SME Corporation's umbrella.
UralSib Bank Offers Business Loans under 'Umbrella Guarantee' Program
UralSib Bank, a leading Russian financial institution, is offering business loans under the state-supported 'Umbrella Guarantee' program. This program is designed to support small and medium-sized enterprises (SMEs), including startups, by providing loans with favourable terms.
Key Terms for Business Loans under an 'Umbrella Guarantee' Program:
- Maximum Loan Amount: The loan size can vary, often reaching up to 100 million rubles. The exact limit may depend on the specifics of the program.
- Interest Rates: Interest rates can be fixed or variable, and may be subsidized under the guarantee program to encourage lending to SMEs. Typical rates might range from 8% to 15% annually.
- Loan Tenure: Business loans usually range from 1 to 5 years, with some investment loans extending up to 7 years.
- Guarantee Coverage: The 'Umbrella Guarantee' typically covers around 50% to 80% of the loan amount in case of default.
- Eligibility Criteria: Businesses must meet certain criteria, such as minimum turnover, profit, or credit score thresholds. Documentation, including business registration, financial statements, and a business plan, will also be required.
- Use of Funds: Funds can be used for purposes such as working capital, equipment purchase, expansion, and more. Restrictions may apply on how funds can be used.
- Collateral Requirements: Collateral requirements may be waived or reduced due to the guarantee. Other guarantees might still be required.
- Application Process: The application process involves submitting business documents, undergoing credit evaluation, and getting approval under the guarantee framework.
To get UralSib Bank’s specific terms for this program, you can visit their official website (https://www.uralsib.ru/) or contact a UralSib Bank business banking advisor. You may also find relevant information on official government or regional SME support sites.
It's important to note that the details provided here are general terms and conditions for such programs. For the most accurate and up-to-date information, it's recommended to contact UralSib Bank directly. If you need help drafting questions or an email template to request this information, feel free to ask!
Lastly, it's worth mentioning that these loans are available for businesses that have no or insufficient collateral, making them an attractive option for many SMEs.
The 'Umbrella Guarantee' program, supported by UralSib Bank, provides business loans to small and medium-sized enterprises and startups within the Russian industry. Loans offered under this program can reach up to 100 million rubles, with interest rates ranging from 8% to 15% annually, and terms ranging from 1 to 7 years. The guarantee program typically covers around 50% to 80% of the loan amount in the event of default.
