Romanian Guarantee Fund OKs 6,000 “First Home” Applications, Worth 25% Of Total Budget

Romania's loan guarantee fund for small and medium-sized enterprises approved until Monday 5,900 guarantee contracts for applicants in the "First Home" program, accounting for 25% of the EUR1 billion budget allotted by the government.

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Of the total number of files, 25% are for buying new homes, built after 2008, according to Rodica Ionescu, adviser to the fund's chief.

Ionescu reiterated Thursday, during the Romania Construct Forum 2009 conference organized by MEDIAFAX, the fund's intention to support SMEs through a product by which developers' loans would be 80% guaranteed by the fund, if they signed pre-contracts for 75% of the area.

Romania's government launched three months ago a program to grant up to EUR60,000 state guarantees for mortgage loans to people buying their first home and who did not previously benefit from a mortgage loan. The guarantees are granted by the guarantee fund for SMEs' loans.

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