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Bucharest
October 5, 2022
BUSINESS

Only 5 pc of SMEs signed contracts for Kogalniceanu loans

One third of the companies backed by the state for loans guaranteed via the Mihail Kogalniceanu programme have yet to make a first contact with the bank and over a half of the small and medium-sized enterprises (SMEs) which filed applications for loans were rejected on the grounds their documentation was not complete, while a mere 5 per cent of the companies have signed contracts, Mediafax reports. The figures, presented in an official document, reflect progress in the first three months of the programme, namely, September 9 to December 9, 2011.  Via the “Mihail Kogalniceanu” programme, the state underwrites up to 80 per cent of loans taken by small and medium-sized enterprises and up to 70 per cent of the interest applicable to loans in RON, provided it does not amount to more than 6.5 per cent a year. However, the guarantee provided by the state cannot surpass RON 100,000.

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