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VTB Joins the Umbrella Surety Mechanism for SME Loans
VTB was one of the first in the market to introduce the mechanism of the umbrella guarantee of the SME Corporation for clients of medium and small businesses. It provides for a simplified procedure for issuing business loans. The bank entered into an agreement on this with the SME Corporation.
The umbrella guarantee mechanism will simplify and accelerate the process of obtaining credit for entrepreneurs - SMEs. To register it with VTB, the borrower will not need to duplicate documents both to the bank and to the corporation. Guarantee support of the SME Corporation is built into the bank's lending process. Thanks to this, the client receives a loan guarantee in the "one window" simultaneously with the decision on the possibility of financing.
“VTB is one of the key participants in government support programs for medium and small businesses. This area is a priority for us, so we are always ready to introduce new tools to develop it. The demand for loans from entrepreneurs - SMEs is growing this year, which is associated with the gradual recovery of business from the consequences of the pandemic, the expansion of the range of banking products and their digitalization. The loan portfolio of SMEs at VTB exceeded 780 billion rubles, its growth since the beginning of the year amounted to about 5%. We believe that the umbrella surety will provide entrepreneurs with the necessary collateral for loans and will become an effective tool that will increase the availability of loans for business, ”said Denis Bortnikov, Deputy President and Chairman of VTB Management Board.
“The umbrella mechanism will become an additional measure of state support within the framework of the national project for the development of entrepreneurship, which is supervised by First Deputy Prime Minister Andrei Belousov. This mechanism will enable banks to reduce the risks of SME borrowers and expand the circle of recipients of financial support. Now financing will become more accessible, including to entrepreneurs who have just started their activities. The new mechanism allows businesses to receive funds on attractive, affordable terms. By 2024, entrepreneurs will be able to additionally attract more than 600 billion rubles using the new product, ”said Alexander Isaevich, CEO of the SME Corporation.
A new mechanism for providing guarantees for small and medium-sized businesses was developed by the Ministry of Economic Development in conjunction with the SME Corporation.
Under the guarantee of the SME Corporation, entrepreneurs can issue various products from VTB's credit line for medium and small businesses. Clients have access to circulating and investment lending, as well as refinancing loans from other banks. The guarantee of the SME Corporation can also be issued when applying for a preferential loan at a bank under the existing state support programs.