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The Small Business Credit Assistance Fund of Moscow places RUB 500 million on deposit with NOMOS- BANK

19.09.2013

NOMOS-BANK and the Small Business Credit Assistance Fund of Moscow signed an agreement on the placement of the organization’s temporarily free funds on deposit with the Bank.

Based on tender results, from September 2, 2013, temporarily available Fund assets totaling RUB 500 million will be on deposit with NOMOS-BANK for a term of 740 days.

Eight banks have participated in the tender. NOMOS-BANK’s proposal was judged one of the best. Among the criteria used to evaluate participants were interest rate level and bank compliance with all stated requirements, including international long-term credit rating and the bank’s capital adequacy ratio.

NOMOS-BANK offers a wide range of deposits for businesses to effectively manage their free liquidity.

Among the Bank’s offers are overnight deposits including corporate overnight deposit, short term deposit, term deposit without replenishment, deposit with replenishment and partial withdrawal of deposit, savings deposits with replenishment, golden mean deposit, long-term deposit with the possibility of early termination and receiving income based on the actual term of placement, advance deposit, and multi-currency deposit.

Small Business Credit Assistance Fund of Moscow was established by the Government of Moscow on March 13, 2006, by an order of the Government of Moscow of January 17, 2006, № 35-PP "On the establishment of a non-profit organization Fund for lending to small business in Moscow."

The Fund operates under the auspices of the Department of Science, Industrial Policy and Entrepreneurship of Moscow and is one of the key parts of the capital’s business support infrastructure. Today, the Fund of Moscow is the largest guaranteeing fund in the country. The Fund’s capital totals more than RUB 7 billion. The Fund is financed in roughly equal proportions from the budget of the City of Moscow and the budget of the Russian Federation. The Fund’s main activity relates to the provision of guarantees for bank credit and bank guarantees to small and medium-sized businesses in Moscow. Since its inception, the Fund has concluded more than 6,000 guarantee contracts of over RUB 30 billion, as a result of which small and medium-sized business in Moscow were able to attract bank financing totaling RUB 60 billion.

The Fund works with 45 partner banks selected on a competitive basis. NOMOS-BANK is one of the Fund’s partner banks.

In 2010, the Expert RA rating agency assigned the Fund an  A + + rating for guarantee reliability cover (exceptionally high level of guarantee reliability cover) and has confirmed this rating in each subsequent year.

In 2012, the Fund was accepted into the European Association of Mutual Guarantee Societies becoming the first fully-fledged member of this international organization representing the Russian Federation.

Further information about the Fund is available at: www.fs-credit.ru.