EBRD's First SME and Micro-credit Financing Tranche (RUB 142,5 mln).
December 1, 2010 SDM-Bank received the first tranche from EBRD to finance Small and Medium Enterprises (RUB112,5 mln.) and to finance Micro-credit (RUB30,0 mln.).
EBRD's first disbursement is within the framework of a new partnership between SDM-Bank and EBRD.
EBRD will provide SDM-Bank with two 5-year loans totaling 375 million rubles to finance Small and Medium Enterprises, and facilitate Micro-credit lending development.
On September 14, 2010, the EBRD Board of Directors, approved a decision to participate in SDM-Bank's equity capital for up to 15% and to provide unsecured credit facilities.
"Our cooperation with the EBRD complements SDM-Bank's core business --- support and development of Small and Medium businesses in Russia. The first credit tranche is a wonderful launch of our new partnership. EBRD's support and co-operation enables greater access to credit for our existing and future customers."- says Maxim Solntsev, CEO of SDM-BANK.