NOVIKOM will support SMEs of the Chechen Republic

During the Caucasus Investment Forum in Grozny, a subsidiary bank of the Rostec state corporation signed a cooperation agreement with the Guarantee Fund of the Chechen Republic. This will allow NOVIKOM to promote the development of small and medium-sized enterprises (SMEs) in the region by providing preferential financing and expert advice.

The activities of the Guarantee Fund are concentrated around small and medium-sized enterprises of the Chechen Republic. In particular, the fund is developing a lending system for SMEs. The agreement concluded between the fund and the bank is aimed at providing entrepreneurs with access to credit and financial resources of NOVIKOM. The parties also agreed to develop a system of guarantees for the obligations of SMEs and small enterprise support infrastructure organizations.

NOVIKOM is intensively increasing the volume of work with small and medium-sized businesses. In 2023, the bank’s loan portfolio in this segment grew by 24%, and guarantee portfolio by 17%. For SMEs, the bank offers a number of products, including such popular ones as “Contract Performance Loan”, which implies a simplified review procedure, and “Express Guarantee”, which can be issued online. Also, industrial mortgages and umbrella guarantees of the SME Corporation are of great interest to entrepreneurs today.

Over the past three years, the number of entrepreneurs in the Chechen Republic has increased 5.3 times and amounted to 166.6 thousand. This speaks not only of the effective support of business by the regional authorities, but also of the growing need of entrepreneurs for affordable lending.

“We see the dynamic growth of the SME segment in Chechnya and understand what contribution they can make to it effective solutions for organizing financing and NOVIKOM’s individual approach. Working with large enterprises of Russian industry and their chain of cooperation, we perfectly understand their needs and are ready to assist in solving these problems,” said NOVIKOM Senior Vice President Maxim Rozov.