This is the first contract concluded within the IMM Invest program, which is designed to help small and medium-sized enterprises SMEs affected by the coronavirus crisis ensure the working capital and investments.
The company will start the production of protective masks and coveralls and other specialized equipment needed to contain the spread of the COVID-19 pandemic.
The company reported a turnover of RON11.8 million and a net profit of RON330,567 in 2018, according to Finance Ministry data.
Banca Romaneasca will benefit from over RON340 million from the overall ceiling of guarantees granted by Romania’s Finance Ministry for the IMM Invest program carried out through the national guarantee fund for small and medium-sized businesses (FNGCIMM.
The maximum value of loans granted via the program reaches up to RON10 million for investments and up to RON5 million for the working capital.
Authorities expect over 40,000 SMEs to access financings and at least 500,000 jobs will be saved.
Rexton Group was set up in 2007 and its core business consists in manufacturing women’s apparel. It currently has 140 employees. The products made by the company in Ploiesti reach the shelves of Next, Zadig & Voltaire, ASOS and Mrs Selfridge.