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January 28, 2023

BCR signs EUR 75 M EIB loan for SME financing

Banca Comerciala Romana (BCR) had signed with the European Investment Bank (EIB), at the end of December 2009, a new loan agreement for EUR 75 million for financing SME projects, a press release informs.

SMEs developing projects in the fields of activity as industry, tourism, services and agriculture, could apply for an EIB financing with the maximum value of the loan of EUR 12.5 M, the total cost of each eligible project not exceeding EUR 25 M. BCR is also benefiting from a Intermediated Loan from EIB contracted in November 2006, amounting to EUR 50 M, used for financing over 90 projects developed by small and middle sized enterprises in Romania, mainly in the fields of agriculture, animal farming and food industry, production industry, tourism and services. The biggest projects have benefited from up to EUR 5 M loans, with an average loan value of about EUR 550,000. Over 75 per cent of EIB funds were allocated to BCR clients who developed projects with European Funds within three national programs: The National Program for Rural Development (PNDR), SOP Increase of Economic Competitiveness and Regional Operational Program- 4.3 Micro Enterprises Support.

To increase the access of SMEs to long-term financing, the EIB closely cooperates with local financial institutions that have local market expertise, particularly in providing services to businesses through a well-developed network. Since 1990, the EIB has signed loan contracts in Romania amounting to some EUR 7.8 billion, of which some EUR 780 million has supported SME and municipality projects, including the current loan.”

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