The funds were obtained by supplementary allocation though the Sectoral Operational Programme “Increasing Economic Competitiveness 2007-2013, co-financed by the European Regional Development Fund. Financial instruments financed with structural funds are implemented in Romania by the European Investment Fund (EIF).
The EUR50 million will be added to the budget already granted to the five participating lenders, namely Banca Transilvania, BRD Groupe Societe Generale, CEC Bank, ProCredit Bank and Raiffeisen Bank.
Thus, the lenders will grant new loans totaling EUR250 million until the implementation is completed. So far, they have already granted loans worth EUR130 million, based on the initial 2014 financing.
The JEREMIE initiative developed in cooperation with the European Commission allows member states to use part of their EU structural funds to finance SMEs. The program targets to ease SMEs’ access to financing.