Sberbank has taken part in the Russian Small and Medium-size Enterprises Forum (SME Forum) that is traditionally held before the St. Petersburg International Economic Forum.

During the forum, Sberbank’s senior vice president and the head of the bank’s corporate business block Anatoly Popov announced that as of early May 2018, Sberbank’s portfolio of SME loans amounted to RUB1.3 trillion, which is higher than the pre-recession level.

Over the four initial months of 2018, lending to SMEs increased by 74.4 percent against the corresponding period of 2017, reaching RUB535 billion.

Sberbank has cut its lending rates for these loans three times since the year began. The average rate for SME loans has fallen by 0.4 percentage points since the year began and now amounts to 10.8 percent, which is considerably lower than the pre-recession level of 12.1 percent seen in 2014.

In March, Sberbank was the first bank in Russia to offer online lending to SMEs. This business solution proved to be very popular, as more than 25,000 businesspeople have applied for online loans and almost three billion rubles worth of loans have been extended. 30 percent of loan applications are sent to the bank outside of business hours. Previously, businesspeople had to spend time visiting the bank to take out loans instead of working on important business matters. Now they can select lending options that suit their needs and apply for loans electronically whenever it is convenient. The decision on whether to issue loans is also made remotely.

“Although we only launched our online lending service this spring, every third loan application is now made online,” said Mr. Popov. “This new approach has helped cut the time spent on applying for a loan by more than three times. We are certain that this interactive format and a simplified process will help the bank increase its level of financial support for business this year.”

The bank actively participates in the majority of SME support programs carried out by Russian government agencies, including the Ministry of Economic Development, the Ministry of Agriculture, and the SME Corporation. Businesspeople can receive financing at rates of up to 6.5 percent under the Russian Ministry of Economic Development’s subsidized lending program and up to five percent as part of subsidized lending to agricultural producers.