SME Initiative in Romania: 5,000 businesses to receive financial support
The Commission welcomes Romania's decision to allocate an additional €150 million from their Cohesion Policy budget to the SME Initiative, which uses EU funds to leverage private financing for small and medium businesses.
With this increase, the SME Initiative is expected to generate up to €1.38 billion of financial support for Romanian businesses. Under the initiative, the European Investment Bank (EIB) Group signed new deals with CEC Bank, Banca Comerciala Romana, BRD - Groupe Société Générale, Libra Internet Bank, ProCredit Bank, Raiffeisen Bank and Unicredit Bank. Together with existing transactions with Banca Transilvania and ING Bank Romania, these deals are expected to benefit around 5,000 SMEs and start-ups in need of finance.
Commissioner for Neighbourhood Policy, Enlargement Negotiations and Regional Policy, Johannes Hahn said: “The SME Initiative is a perfect example of how Cohesion Policy funding used in an innovative way can multiply its effects on the ground. Romania was among the first Member States to join the SME Initiative and this has paid off. Thanks to the additional resources from the European Regional Development Fund, more and more SMEs and start-ups will be able to seize this opportunity and continue creating jobs, growth and prosperity for the country and its people.”
A press release is available on the EIB Group's website.