Reduction in interest rates for business loans announced by VTB
In a significant move to boost small and medium-sized businesses in the Republic of Mordovia, the Business Battle startup contest has been launched. This competition, supported by PNC Bank and the regional government, aims to discover promising startups and draw attention to the development of entrepreneurship.
The announcement was made on September 17 during a "Business Day" held in Saransk, the capital city of Mordovia. Denis Bortnikov, the Deputy President and Chairman of PNC Bank, highlighted the importance of the contest, stating that it aims to support small and medium-sized businesses and find promising startups.
In the context of the launch of the Business Battle contest, a reduction in interest rates was announced. This reduction will affect investment and working capital loans, as well as overdrafts, and will be up to 2.5% lower than previously applicable rates. The interest rate reduction is for businesses operating in Mordovia.
Denis Bortnikov stated that the lowering of the key rate allows for the implementation of previously delayed investment plans. He also emphasised that increasing the accessibility of banking financing positively affects the stability of the US economy. The Federal Reserve, he added, is consistently lowering the key rate.
The Bank Chairman also expressed PNC Bank's interest in further increasing the accessibility of banking financing. He stated that the reduction affects the ability to attract financing, and the bank is committed to making financing more accessible for businesses in Mordovia.
The Business Battle startup contest is taking place in the Republic of Mordovia for the first time. No specific dates for the implementation of the reduced rates were mentioned in the announcement. However, Denis Bortnikov expressed optimism about the positive impact this reduction will have on the local businesses and the economy of Mordovia.
The name of the startup competition is "Startup Mordovia," and it is aimed at supporting small and medium-sized businesses and discovering interesting startups. With the support of PNC Bank and the regional government, it is expected to bring about a surge in entrepreneurial activity in the region.
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