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Otkritie Bank will start issuing salary loans to business
Otkritie Bank signed an agreement with the state-owned development corporation VEB.RF to participate in a loan program for small and medium-sized businesses to pay a patch. Loans will be interest free.
The program of preferential lending to entrepreneurs to support and maintain employment is implemented jointly by the Bank of Russia, the Ministry of Economic Development and VEB.RF as part of a package of government support for small and medium-sized businesses from the sectors most affected by the crisis. The government allocated 150 billion rubles to implement the program.
Otkrytie plans to issue loans worth ten billion rubles. VEB's guarantee will provide 75% of the debt on loans issued by Otkritie Bank under the program. According to the press service of the bank, the validity period of the preferential rate on the loan for the payment of salaries will be up to six months.
As the deputy president and chairman of the board of Otkritie Bank Nadia Cherkasova noted, in Russia more than 15 million people are employed in small and medium-sized businesses, targeted support will help stabilize the current situation. In order to support entrepreneurs, Otkritie was the first on the market to offer credit holidays, canceled the monthly fee, commissions on the main packages of cash settlement services and the commission for issuing money at the cash desk.