VTB 24 plans to boost small business loan portfolio 60% in 2012
NIZHNY NOVGOROD. May 24. (Interfax) - VTB 24 plans to boost its small business loan portfolio by 60% this year to 178 billion rubles, taking into account all products for small businesses, the bank's Vice President and External Relations Director Nadezhda Karisalova told journalists at the XII All-Russia Conference of Small and Medium Enterprise Representatives in Nizhny Novgorod on Thursday.
As of April 1, 2012, VTB 24 had issued a combined 120 billion rubles in loans to small enterprises, she said.
"Roughly half - 46% to 48% of those credited - are representatives of the trade sphere," she said.
Commenting on what entrepreneurs can expect after Russia's accession to the World Trade Organization (WTO), Karisalova said that Russian businessmen will need to "nurture financial literacy and conduct strategic business planning."
"Small business will be exposed to tougher competitive conditions. There is the risk of a reduction in the number of borrowers from banks," she said.
Various measures of state support, including compensation for interest rates on loans, could help small businesses and banks in the transition period to WTO accession, Karisalova said.
