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Bucharest
September 18, 2020
BUSINESS

“Kogalniceanu” card for SME loan guarantees and interest subventions

The ruling coalition delegated the Government to adopt, in ten days’ time, the card for small and medium-sized enterprises (SMEs). The “Kogalniceanu” card is to offer state guarantees for loans contracted by SMEs with banks and state subventions for interests paid by SMEs, Money.ro reports. The facilities are to be granted for loans under EUR 36,000, according to proponent of the bill, the Democratic Union of Hungarians in Romania (UDMR) deputy Petru Lakatos, and are part of the National Reform Plan (which stipulates, however, a maximum EUR 25,000-threshold), adopted by the Government. The Kogalniceanu card is meant as a “micro-credit (up to RON 100,000) facility, with state guarantees and subsidized interests, for SME cash flow/ working capital needs” – included as an operational measure within the 2011-2012 plan to boost the business environment.

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