ABSOLUT BANK (Moscow) has begun providing microcredits to small and mid-sized businesses in regional offices. The bank provides its services to private entrepreneurs in St. Petersburg, Omsk, Ufa and Chelyabinsk as part of a small business lending program launched in tandem with the German KFW bank. The credit ranges from R150,000 to R15 million and matures in five years. The interest rate and other credit terms are based on borrower’s income.
Source: BANKI.RU, October 31, 2006
