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Access to finance

03 November 2009
by Ina Dimireva -- last modified 13 July 2012

An overview of the sources of finance for SMEs in Romania.


Public financing

Indirect support

Since 2001, the Fondul Naţional de Garantare a Creditelor pentru Întreprinderile Mici şi Mijlocii, FNGCIMM (National Loan Guarantee Fund for Small and Medium-Sized Enterprises) has been working to improve access to financing for small and medium-sized enterprises.

The fund provides guarantees to commercial banks or financial institutions, up to a maximum of 80%, for those seeking loans in lei or foreign currency (SMEs, individuals and family-owned business) for:

  • short, medium and long-term loans to finance investment projects or the production cycle (including working capital);
  • leasing contracts (maximum of three consecutive instalments);
  • lines of credit.

National Loan Guarantee Fund for Small and Medium-Sized Enterprises (FNGCIMM)

The procedure for granting a financial guarantee involves the following steps:

  • All documentation must be submitted to the financing bank;
  • If the project is deemed viable but lacking in sufficient guarantees to justify a 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 within seven days after the bank has received the complete dossier;
  • The bank then signs the loan contract with the SME on the basis of the Fund's guarantee.

The Fund charges a fee for all guarantees issued. For short-term loans this is calculated as a percentage of the amount guaranteed, and for medium and long-term loans it is a percentage of the annual balance of the loan which has been approved. The fee is paid in a single instalment and its amount depends on the duration of the loan.

National Network of the National Loan Guarantee Fund for SMEs

Partner banks of the National Loan Guarantee Fund

Asociaţia Română a Băncilor (Romanian Banking Association)

The Fundaţia Post Privatizare, FPP (Post-Privatisation Foundation) is a non-profit organisation run jointly by the Romanian government and the European Commission. Its main purpose is to provide financial support for Romanian SMEs in which the majority of shares are privately held.

Amongst other activities, the Foundation manages the portal for small and medium-sized enterprises, which is a unique virtual space for Romanian SMEs and provides a large collection of online resources for them.

Post-Privatisation Foundation portal

The Guide to Sources of Financing for SMEs drawn up by the Agenţia Naţională pentru Întreprinderi Mici şi Mijlocii şi Cooperaţie (National Agency for Small and Medium-Sized Enterprises and Cooperation) covers funds from:

  • the state budget (national financing programmes);
  • the PHARE Programme (assistance and advice);
  • structural funds (grants);
  • bank guarantees;
  • microfinancing (loans).

Guide to Sources of Funding for SMEs

Grant timetable

Direct support

The Sectoral Operational Programme for Increasing Economic Competitiveness (SOP- IEC) 2007-2013 aims to stimulate the productivity of enterprises in Romania in order to reduce differences with average EU productivity. This programme is supervised by the Ministry of the Economy, Commerce and the Business Environment.

The active financing under this programme is aimed primarily at the following areas:

  • consolidating and modernising the manufacturing sector through investment;
  • supporting the implementation of international standards;
  • increasing research and development capability, as well as stimulating cooperation between research institutes and companies;
  • promoting renewable energy sources, to increase energy efficiency.

Sectoral Operational Programme for Increasing Economic Competitiveness 2007-2013 (SOP-IEC)

The institution responsible for coordinating the SOP IEC is the Managing Authority for the Sectoral Operational Programme for Increasing Economic Competitiveness within the Ministry of the Economy. It provides information and instructions for beneficiaries, via a specialised portal.

Applicant Guide to Financial Support for Investment in Small and Medium-Sized Enterprises 1

Applicant Guide to Financial Support for Investment in Small and Medium-Sized Enterprises 2

Applicant Guide to Support for Access to New Markets and Internationalisation

Applicant Guide to Financial Support for Implementation of International Standards in Small and Medium-Sized Enterprises

Managing Authority for the Sectoral Operational Programme for Increasing Economic Competitiveness

The activity of small and medium-sized enterprises mainly falls under Priority Axis 1 of the SOP-IEC, which promotes an innovative and eco-efficient manufacturing system by way of:

  • productive investment and preparing SMEs to compete in the market;
  • access for SMEs to financing;
  • developing sustainable entrepreneurship.

Priority Axis 1

Access to EU funding

The Autoritatea pentru Coordonarea Instrumentelor Structurale, ACIS (Authority for the Coordination of Structural Instruments) within the Ministry of Public Finance is the coordinator of the Structural and Cohesion Funds in Romania. ACIS has created a special portal to assist those interested in the Operational Programmes financed from structural funds. Here you can access details regarding funding opportunities, areas of intervention, project preparation, the relevant documents, special forms, as well as what a financing application dossier must contain.


Financing application form

The portal provides information and advice relating to structural funds, by publicising, managing and preparing programmes that are co-financed from European funds. portal

Private financing

Opportunity Microcredit România

Opportunity Microcredit România (OMRO) is an affiliate of the Opportunity International Network, an international microfinance institution. It grants loans and provides financial advice to support the development of small and medium-sized enterprises.

Opportunity Microcredit România

General OMRO lending requirements

National OMRO Network

Bank loans

The Finanţ portal provides information about the grant schemes and loan opportunities available to small and medium-sized enterprises in Romania.

Business loans

Guide to grants

Credit Europe Bank is a financial institution that provides funding solutions for the SME sector, which are especially adapted for this segment of the market.

Credit Europe IMM, Credit Europe Bank

The Banca Română de Dezvoltare - Groupe Société Générale provides various types of financing depending on the area in which a firm operates or the nature of the project being carried out.

Investment loans, BRD - GSG

MKB Romexterra Bank offers SME financing packages, especially in the agricultural sector, in its capacity as a co-financing body within the SAPARD Programme.

Volksbank offers a package of products and services especially designed for SMEs - Direct Bank Standard.

SME service packages, Volksbank

Bancpost has developed specialised financing programmes for SMEs which provide the support required to develop their businesses.

Bancpost loans for small enterprises

Banca Comercială Carpatica offers an SME lending solution designed for agricultural investments.

Loans for agricultural investments, BC Carpatica

OTP Bank România offers two separate packages of financial services for SMEs according to their turnover.

Financial services for SMEs, OTP Bank România

Banca Transilvania offers SMEs financing solutions designed to meet the needs of firms that require rapid and simplified access to financial support.

Loans for SMEs, Banca Transilvania

Raiffeisen Bank has developed a number of financing products and services catering to the business needs of SMEs.

Loans for SMEs, Raiffeisen Bank

Intesa Sanpaolo Bank România offers small and medium-sized enterprises financial products and services to help develop this sector.

Loans for SMEs, Intesa Sanpaolo Bank România

EximBank România offers SMEs special products that are adapted to their activities.

Loans for SMEs, EximBank România

Banca Comercială Română offers SMEs special products and services, tailored to the business needs of each company.

Special products and services for SMEs, Banca Comercială Română 

Business support organisations can advise businesses on how to find financing.

Business support — Romania

Source: Your Europe

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