SDM-BANK received a 10-year loan from WorldBusiness Capital, Inc. to finance the bank's SME loan portfolio
22 December 2010
SDM-BANK receives a 10-year loan in the amount $5 million from WorldBusiness Capital, Inc.
The WBC's $5ml loan will finance SDM-Bank's Small and Medium-Sized Enterprises (“SMEs”) loan portfolio. The WBC loan is supported by the Overseas Private Investment Corporation (“OPIC”), an agency of the U.S. government. This is the second OPIC-supported loan facility that SDM has received from WorldBusiness Capital, Inc. The first loan transaction for $7.5 million was concluded in 2006.
SDM-Bank aims to deliver best-in-class financial services across three principal business lines:
Corporate Lending (with a particular emphasis on SMEs);
- Corporate Cash Management (with a particular emphasis on SMEs);
- Private Client Services.
The Bank has 13 full-service branches and 26 corporate offices in Moscow; 8 regional branches in Perm, Voronezh, Saint-Petersburg, Krasnoyarsk, Tver, Nizhniy Novgorod, Omsk and Rostov-on-Don and representative office in London.
"We are delighted to continue our long-term partnership with World Business Capital ("WBC"). WBC's commitment to Russian SME development is value-additive to our existing and future SME clients. Many Russian SMEs increasingly require long-term financing. SDM-Bank - WBC collaboration enhances our ability to provide comprehensive financing solutions to meet our clients' requirements,' commented Maxim Solntsev, Chief Executive Officer of SDM-BANK.
About WorldBusiness Capital
The loan was made by WorldBusiness Capital Inc., a commercial finance company that has successfully closed loans to small and midsize businesses in emerging markets throughout the world. In 2003 OPIC entered into a cooperative arrangement with WBC to expand support for U.S. small business participation in overseas projects.
Brett N. Silvers, WorldBusiness Capital’s CEO, stated that “Our firm is pleased to support SDM-BANK, a financial institution that is well-prepared to succeed in the current operating environment in Russia.” According to Robert D. Monyak, the Chief Lending Officer of WorldBusiness Capital, “We look forward to a highly-productive, long-term relationship with SDM-BANK and its management team.”
WBC has successfully closed loans to small and midsize businesses in emerging markets throughout the world. In 2003 OPIC entered into a cooperative arrangement with WBC to expand support for U.S. small business participation in overseas projects.
OPIC was established as an agency of the U.S. government in 1971. It helps U.S. businesses invest overseas, fosters economic development in new and emerging markets, complements the private sector in managing risks associated with foreign direct investment, and supports U.S. foreign policy. Because OPIC charges market-based fees for its products, it operates on a self-sustaining basis at no net cost to taxpayers.