Romania's Start-up Nation program sees 2,500 entrepreneurs sign up on first day

Almost 2,500 people signed up on June 15 for the state-run Start-up Nation financing program in the first eight hours after the program was launched. The announcement was made by Alexandru Petrescu, the minister for the business environment, who submitted his resignation yesterday, alongside with other ministers in the Grindeanu Government. Some 500 of those who signed up also filled and sent their business plans, Petrescu added. The state wants to finance up to 10,000 start-ups through this program in 2017. The program will grant non-reimbursable financial grants of up to RON 200,000 (EUR 44,000) for new business initiatives set up after January 30, this year. The financing entirely covers the investment in the project. However, the financed startups need to create minimum two jobs, with indeterminate length labor contracts. The Government decided at the beginning of May to reorganize the eight territorial offices for small and medium-sized enterprises (SMEs) and to set up nine agencies for SMEs via an emergency ordinance in order to attract investments and promote exports. These agencies will be essential in implementing the Start-up Nation program. editor@romania-insider.com