Romania offers young entrepreneurs start-up aid through EUR 4.9 mln program

Romanians younger than 35 who want to start a micro-company can submit business plans starting Tuesday to a program supporting young entrepreneurs, and receive up to EUR 10,000 of the value of their planned business. The program was allotted a budget of EUR 4.9 million this year. Business plans must state investments in tangible and/or intangible assets for a definite period of time, according to the programs' applicant's guide. Early-February, the Government approved an emergency ordinance whereby young entrepreneurs will be eligible for up to EUR 10,000 as non-refundable financing to start their own micro-company, as long as they hire at least two employees and reinvest 50% of their profit every year. Young entrepreneurs will receive up to 50 percent of the value of their planned business, but no more than EUR 10,000, plus counseling and support, from the Agency for the Implementation of Projects and Programs for Small and Medium Enterprises (AIPPIMM). The business will be exempt from paying social security contributions for the income gained by four employees hired for an indefinite period, as well as from the fees charged by national or local Trade Registry Offices. Mediafax