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September 19, 2019
BUSINESS

CEC Bank, chosen to grant loans for youths in START programme

The Ministry of Economy chose CEC Bank to grant loans in the government programme aimed at developing entrepreneurial abilities among youths and facilitating the access to financing – START, through which grants up to RON 100,000 are extended, Mediafax informs. The bank will provide loans in RON, with a variable interest formed of the ROBOR (the interest rate for loans on the Romanian interbank market) at 6 months + 3 pp, updated on a half-year basis, the Department for the Implementation of Programmes for Small and Medium-Sized Enterprises announced. Beneficiaries will receive guarantees from the National Guarantee Fund for SMEs up to 80 pc of the credit and a grace period of maximum 12 months. Eligible recipients are microenterprises, SMEs with integrally private social capital that did not benefit from non-reimbursable financial allowances through the programme during previous years and do not have associates, shareholders or administrators which are, or have been in the past associates/shareholders/administrators of other companies that enjoyed non-reimbursable financial allowances through the programme in the past. The budget allotted during the budgetary year 2013 for non-reimbursable financial allowances (AFN) is RON 20 M and its implementation is estimated to be enough for providing ‘de minimis’ support grants to at least 200 beneficiaries.

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