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Romanian SMEs Guarantee Fund Paid Banks EUR9M In Jan-Apr

The Romania fund guaranteeing SME loans FNGCIMM paid to banks between January and April an overall EUR9 million, five times more than in the same interval of 2009, fund president Aurel Saramet said Tuesday.
Romanian SMEs Guarantee Fund Paid Banks EUR9M In Jan-Apr
18 mai 2010, 12:06, English

„This shows that the small and medium sized enterprises are not doing well. (…) Out of all payments performed, 67% were due to insolvency and 33% were due to the fact that companies were unable to repay loans,” Saramet told the MEDIAFAX talks about SME’s conference.

For the whole of 2010, the fund expects to make payments of EUR35-40 million, double the value paid in 2009.

The FNGCIMM guarantees up to 80% of loans granted to SMEs, up to a value of EUR2.5 million.