Romanian lender BCR approves first loans under Start-Up Nation program

Romania’s largest lender Banca Comerciala Romana (BCR) has approved the first pre-financing credits under the Start-Up Nation program. The first companies supported by BCR are active in design, production and services. One of these companies produces unique molds for the plastics processing industry, which are used in the manufacture of high-tech products. Another company produces elements for metal structures. BCR has also granted loans to software companies that create apps for creative industries. The national credit guarantee fund for SMEs announced on Monday that it has granted its first credit guarantees for banks. Companies will be able to obtain a refund from the state budget after they make expenses, which the SME Agencies within the Ministry for the Business Environment need to approve. The Start-Up Nation program became active on June 15, and the potential beneficiaries had 30 days to submit their business plans. The program has a budget of RON 1.7 billion (EUR 371.8 million). It provides non-reimbursable financial grants of up to RON 200,000 (EUR 44,000) for new business initiatives set up after January 30, this year. Rejection rate in Romania’s Start-Up Nation program stays at 8% editor@romania-insider.com