Raiffeisen Bank Romania, the local subsidiary of Austrian group Raiffeisen, will launch a new platform dedicated to financing startups, Raiffeisenfactory.ro.

The bank will also start a competition for startups and will finance the best ideas and business plans with loans of up to EUR 50,000.

The program, which is called Factory by Raiffeisen Bank, takes place between March 20 and June 29. It consists of a project competition with several stages. The entrepreneurs whose projects will be selected for the final phase of the competition will get the chance to present their business plans in detail and Raiffeisen specialists will decide which projects will get the financing.

“It’s rather difficult for start-ups to get financing from banks because their success ratio is, on average, 50%. This program is a chance for entrepreneurs who believe in their business ideas and capacity to succeed,” said Vladimir Kalinov, vice president in charge with retail at Raiffeisen Bank.

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editor@romania-insider.com