Support to boost SMEs access to financing

20 December

The programme to support the SMEs – IMM Invest Romania, to boost the access to financing by granting state guarantees has been approved today by Government, through emergency ordinance.

It is about a multiannual program to encourage and stimulate the development of SMEs, sector representing 99.7 percent of companies in Romania, which contributes with nearly 60 percent to the GDP and hires nearly 60 percent of workforce.

The program aims at granting state guarantees for credits, in a differentiated way, for SMEs which intend to set up/ develop some recreation centres, as well as for the other SMEs, including the start –ups, for which, one of the main obstacles is the lack of financing.

State guarantees are envisaged to be granted  through IMM Invest Romania Programme:

For projects to develop/ set up recreation centres, the guarantee percent is of maximum 80 percent of the value of financing, excluding interest, commissions and bank charges related to the guaranteed credit. The maximum amount of state-guaranteed financing for projects of development / establishment of recreation centers  is 1.25 million lei;

2. For projects other than development /setting up of recreation centers, state guarantees for investment credit and / or credit / credit lines for working capital contracted by SMEs through MFP may be granted up to a maximum of 50 % of the amount of financing, excluding commissions and bank charges related to the guaranteed credit. The maximum cumulated amount of state-guaranteed financing that can be granted to a beneficiary is 10 million lei and the maximum amount of each financing granted to a beneficiary may not exceed 5 million lei for credits / lines of credits for financing working capital, respectively 10 millions lei for investments.

SMEs eligible for this program will benefit from one or more investment credits, except for investment credits for  projects of development / setting-up recreation centers that are eligible for a single credit. Also eligible SMEs in the program will benefit from one or more state-guaranteed credits / credit lines for working capital through MFP.

The annual ceiling for state guarantees that can be issued is set by Government Decision, and the conditions for granting state guarantees and the rules for the management of the annual ceilings of guarantees are established by methodological norms for the enforcement of this Ordinance.

The maximum financing duration is set at 120 months in the case of investment credits and up to 24 months in the case of credits / credit lines for working capital financing. Credit lines can be extended for up to 24 months.



More information:

IMM Invest Romania program was approved given that 15.3% of SMEs active in September 2016 obtained access to financing from credit institutions, down from 15.5% at the end of 2014, and 80 % of SMEs have never benefited from a bank loan, according to the Financial Stability Report of December 2016, published by the National Bank of Romania.  

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