Almost half of the projects submitted to get EU funding through the Diaspora Start Up program have failed to pass the first evaluation stage, due to their lack of “financial capacity”.

Only 35 out of 59 projects, worth almost EUR 145 million, went to the next stage, which involves technical and financial assessment, while 24 projects, worth about EUR 56.3 million, were rejected, reports local Profit.ro.

The Diaspora Start Up initiative grants up to EUR 40,000 to Romanians living abroad who return to the country and open a business. The financing covers part of their investments. They can also get a relocation bonus of EUR 10,000.

People who want to apply need to have lived at least one year in the last three years abroad. The program has a budget of EUR 30 million.

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