The Government allotted 24 million lei (EUR5.62 million) for this program through the budget revision earlier this month.
The prime minister said the National SME Loan Guarantee Fund (FNGCIMM) has granted loan guarantees to 6,000 SMEs this year, in the amount of EUR300 million. The authorities expect the number of beneficiary firms to grow to 10,000 by the end of the year.
Through this program, called the “Kogalniceanu Card,” the state guarantees 80% of the value of loans taken by small and medium enterprises and subsidizes up to 50% of the interest. The state’s guarantee is capped at RON100,000 and the interest subsidy is capped at RON125,000 per year per beneficiary.
(EUR1=RON4.2669)