Access to finance
03 November 2009by Ina Dimireva -- last modified 04 November 2009
An overview of the sources of finance for SMEs in Romania.
Guide to financing sources for SMEs developed by the National Agency for Small and Medium-Sized Enterprises and Cooperatives, including funds from:
- the state budget (national funding programmes);
- the PHARE Programme (assistance and consulting);
- structural funds (grant funding);
- bank guarantees;
- Microcredit (loans).
Calendar of Non-Reimbursable Funding Opportunities, continuously updated [RO]
The National Credit Guarantee Fund for Small and Medium-Sized Enterprises
Since 2001, The National Credit Guarantee Fund for Small and Medium-Sized Enterprises has been working to improve access to funding for small and medium-sized enterprises. The Fund was established under a government resolution (based on Law No.133/1999 concerning the promotion of private entrepreneurship to develop small and medium-sized enterprises) as an institution with risk capital.
The Fund provides guarantees to commercial banks or financial institutions for those seeking loans in lei or another currency, SMEs, natural persons and family-owned businesses (as the beneficiaries of the guarantee are defined) for:
- short, medium and long-term loans to finance investment projects or the production cycle (including working capital);
- bank comfort letters;
- leasing contracts (maximum of 3 consecutive instalments);
- lines of credit.
Procedure:
Loan applicants must file all loan documentation with a financial institution. If the project is deemed viable but lacking in sufficient collateral to justify the loan, applicants may seek a risk-sharing arrangement through a financial guarantee from the Fund. The FNGCIMM notifies the bank of its decision on the financing guarantee a maximum of seven days from receipt by the bank of the complete file. The bank then signs the loan contract with the SME on the basis of the Fund's guarantee.
The Fund receives a commission for guarantees it provides: for short-term loans the commission is calculated as a percentage of the amount guaranteed and for medium and long-term loans it is a percentage of the annual loan balance approved. The commission is paid in a single instalment and the amount depends upon the duration of the loan.
National Credit Guarantee Fund for Small and Medium-Sized Enterprises (FNGCIMM) [RO]
National Network of the National Credit Guarantee Fund for SMEs [RO]
Partner banks of the National Credit Guarantee Fund for SMEs [RO]
Romanian Banking Association [RO]
Sectoral Operational Programme-Increasing Economic Competitiveness (SOP-IEC) 2007-2013
The general objective of the SOP for Increasing Economic Competitiveness is to increase Romanian business productivity and close the gap between average productivity levels in Romania and the EU. The Ministry of Economy and Finance is charged with oversight of this programme.
Active programme funding deals with the following areas:
- Building and modernising the manufacturing sector through investment;
- Supporting implementation of international standards;
- Supporting access to new markets and internationalisation.
Applicant Guide to Financial support for Investment in Small and Medium-Sized Enterprises 1 [RO]
Applicant Guide to Financial support for Investment in Small and Medium-Sized Enterprises 2 [RO]
Applicant Guide to Support for Access to New Markets and Internationalisation [RO]
Opportunity Microcredit Romania
Opportunity Microcredit Romania (OMRO) is an affiliate of the Opportunity International Network, an international microfinance institution, and it provides loans in support of small and medium-sized private enterprise development.
Opportunity Microcredit Romania (OMRO)
General OMRO Loan Conditions [RO]
General OMRO Loan Conditions [RO]
Bank Loans
Investment Loans for SMEs, Romanian Development Bank - Société Générale Group [RO]
SME 100% Funding, MKB Romexterra Bank
Funding for working capital, commercial transactions and investment, Volksbank [RO]
Funding for capital and investment, Bancpost
Instant Loans for the funding of SME operations and investment, B.C Carpatica
Rapid funding and loans for SMEs, OTP Bank Romania [RO]
Rapid loans for SMEs, Banca Transilvania [RO]
Loans for SMEs, Raiffeisen Bank
Loans for SMEs, Intesa San Paolo Export - Import Bank Romania [RO]
Loans for SMEs, EximBank Romania
Business support organisations can advise businesses on how to find financing.
Source: European Commission
