Romanian Economy Ministry Signs First Financing Contracts For Young Entrepreneurs

The program is implemented via the Agency for the implementation of projects for small and medium sized enterprises (SMEs).

Since the start of the program on February 22, and until April 17, Romanians registered 1,859 microenterprises and submitted 700 business plans online.

"The government decree introducing the program has reached its goal and we have 3,000 financing applications. These businesses will create 6,000 jobs,” Economy Minister Ion Ariton told a news conference Wednesday.

The minister said the Government wants to double the number of funded new businesses by the end of the year.

Most microenterprises created for the program are car shops, bakeries and restaurants.

Under the government program, entrepreneurs aged up to 35 can get financing of as much as EUR10,000 for their businesses. This year’s budget for the program is of 21 million lei (EUR1=EUR4.0910) and the Government hopes to fund over 1,100 entrepreneurs.

To enter the program, entrepreneurs must hire at least two people and reinvest 50% of the business’ profit annually. They are also exempt from paying social security contributions for as many as four employees.