SME Initiative: More than 4,300 small businesses in Romania to have access to EUR 246 mln

The European Bank of Investments Group (EIB Group) signed on Wednesday the first three agreements of the SME Initiative, with three Romanian banks, namely Raiffeisen Bank, Banca Comercială Romana (BCR), and ProCredit Bank. More than 4,300 SMEs, startups, and micro-enterprises in Romania will benefit from better access to financing under the three agreements, which should generate a total funding of EUR 246 million, according to a statement from the Representation of the European Commission in Romania. The amount represents almost half of the total budget of EUR 540 million for the SME Initiative. Last October, the EIB Group has concluded an agreement with the Government of Romania and the European Commission for the implementation of the SME Initiative in Romania, which will support Small and Medium enterprises (SMEs). The SME Initiative Programme for Romania, adopted in March 2016 and funded by EUR 100 million from European Regional Development Funds (ERDF), is part of a broader initiative of the European Commission and the EIB Group, to encourage Member States to double their use of ESI Funds invested through financial instruments in 2014-2020. Romania’s Government sets up nine regional agencies for SMEs Irina Popescu, irina.popescu@romania-insider.com