FORUS Bank holds an opening ceremony its first credit office in Nizhny Novgorod

On 19th April, 2006, FORUS Bank held an opening ceremony of its first office for customers in Nizhny Novgorod. Nizhny Novgorod office is the first of 39 offices scheduled for opening by June 2006 in 26 regions of Russia. This will increase the number of FORUS Bank customers to 17,000.

Speaking at the opening ceremony, Denis Labuza, Minister of Support and Development of Small Business, Customer Market and Services for Nizhny Novgorod Region, underscored the importance for Nizhny Novgorod of a bank oriented towards crediting businessmen and small business.

Denis Labuza Minister of Support and Development of Small Business, Customer Market and Services for Nizhny Novgorod Region “Located close to Moscow, Nizhny Novgorod appears congested with banking organizations struggling to get large customers while ignoring small business”

Right after the opening ceremony a press conference was held at the press centre of Interfax-Povolzhie Information Agency. The press conference featured FORUS Bank Chairman of the Board of Directors Stacy Schreider, National Association of Microfinance Market Participants Director Mikhail Mamuta, Association of Russian Banks Vice President Vladimir Kievsky.

V.Kievsky said that opening the first FORUS Bank crediting office in Nizhny Novgorod was a major event for local businessmen. M.Mamuta said FORUS Bank was the first illustration of a nonprofit organization transforming into a microfinance bank.

According to S.Schreider, FORUS Bank will primarily provide services for micro and small business and lobby for the interests of businessmen involved in wholesale and retail trade. It will also support owners of small manufacturing business.

Stacy Schreider FORUS Bank Chairman of the Board of Directors “Micro business, businessmen are an essential segment of the national economy, which needs to be developed and backed. And that’s what we’re going to do”

All those present at the press conference pointed out the crucial role of small business in developing the economy of the region. Stacy Schreider added that in March alone FORUS Bank credits enabled the creation of over 600 new jobs. Furthermore, crediting small businesses can help bring them into the formal sector thus increasing the taxable base and promoting related businesses.

According to M.Mamuta’s data, in 2005 the microfinance offer increased by 1.5 times reaching a volume of $ 1.5 bln, whereas the demand for micro credits (up to $ 10,000) varied from $ 8 to $ 9 bln.

According to Vladimir Kievsky’s estimates, the capacity of the small business crediting market will increase. He believes that “technological and social advancement in present-day Russia will be primarily beneficial for small rather than for large business”.

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