VTB (Armenia) launches "Express" loan for small businesses

YEREVAN, December 21. /ARKA/. VTB (Armenia) small business clients can now apply for "Express" loans provided in the national currency, the bank's press service said today.

It said the funds are provided for current activities, debt repayment or expansion of production. The maximum loan amount is 20 million drams.

'Express" loan is provided without collateral or with partial collateral with repayment period from 12 to 60 months. The decision is made within 2 working days.

"Small business is an important sector for the development of the country's economy. This is the segment that adapts most quickly to economic changes and is not afraid to attract debt financing, including for investment purposes. Today we serve almost 11 thousand small businesses. The new product in our lineup will allow them to receive funds in two days without additional documents and with competitive interest rate. This is a convenient and universal solution for business support and development," commented Yevgeny Motovilov, VTB (Armenia) Deputy CEO, Chairman of the Management Board.

Within the framework of the product, funds from AMD 500 thousand to AMD 20 million are available. The interest rate on the loan will be from 10% to 17% depending on the term, loan amount and collateral. The effective interest rate on the loan will be from 12.7% to 21.92%.

The activities of VTB Bank (Armenia) CJSC are regulated by the Central Bank of Armenia. -0-