Romanian lender Banca Transilvania sets up firm to support small businesses

Local lender Banca Transilvania has launched BT Mic, a company dedicated to financing small businesses that have an annual turnover of up to RON 1 million (EUR 221,000) regardless of the sector or the form of organization. “BT Mic is an initiative of our team, which has turned into a startup of the Banca Transilvania Financial Group through which we help small businesses to grow,” said Ömer Tetik, Banca Transilvania general manager. Entrepreneurs with an annual turnover of up to RON 1 million can borrow money via BT Mic regardless of the form of organization. They can organize as firms, freelancers, family associations, and individual businesses, and need to prove at least three months of economic activity. The credit can be used to develop the firm’s everyday activities, to purchase goods, pay suppliers, invest in offices, acquire machines. The loans are granted for up to seven years. Banca Transilvania’s customers are now divided on several segments: micro, small and medium-sized companies, corporate customers and large corporate customers. Banca Transilvania became the second-biggest bank in terms of assets at the end of 2016, surpassing BRD. editor@romania-insider.com