Alexander Braverman is appointed to head the Federal SME Corporation

8th October 2015

Alexander Braverman is appointed to head the Federal Corporation for the Development of Small and Medium Business (SME Corporation). His appointment was announced by the Prime Minister Dmitry Medvedev on 2 October 2015 at the International Investment Forum "Sochi 2015".

Let us remind, the new structure will be established on the basis of the Agency for Credit Guarantees of "SME Bank" and will be located in a building of the Federal Fund for Housing Construction Development, which was earlier headed by Alexander Braverman.

"We established a Federal Corporation for the Development of Small and Medium Business. It should become a single "entry point" for participation in the programs for small and medium business, as well as the center of financial and credit support for such enterprises. I hope it will succeed. Today, I have appointed the head of the Corporation - Alexander Braverman" - said Dmitry Medvedev at the Sochi forum.

SME Corporation will start work no later than in 2016. The new structure will have to develop programs aimed at "embedding of small and medium business in the supply chains of large state-owned companies", and will be able to determine procurement plans so to observe the quotas for small and medium business. State corporation may receive some authority of the Russian Ministry of Economic Development in the part of providing grants and funding business incubators.

Additional capitalization of SME Corporation Fund is not planned. This was announced by the head of the Corporation Alexander Braverman at the forum "Sochi 2015".

He also explained that "SME Bank" will be transformed into the financial structure of the Corporation and the Agency of Credit Guarantees will no longer exist.

"We do not plan any staff revolutions and hire those who worked in "SME Bank, involve a team of specialists from the market and from the Federal Fund for Housing Construction Development", - said Alexander Braverman.

The head of the new corporation also noted that the structure already works with "Sberbank of Russia" and "VTB 24" on the issue of a possible decrease in interest rates for small and medium business in high-tech sector. In the future, it is planned that this discussion will attract other large banks.

"As for the mass sector, we do not believe that the rate cut is necessary", - said Alexander Braverman.

Source: TASS

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