Events

Svetlana Țurcanu, Acting Head of the Policy Directorate for Small and Medium Enterprises Development and Trade of the Ministry of Economy, mentioned that access to finance was one of the most discussed topics in meetings with entrepreneurs. Thus, the Ministry of Economy is open to any dialogue with banking institutions to facilitate access to credit and risk mitigation for both SMEs and banks.

Iulia Iabanji, Director-General ODIMM, mentioned that most aspects of optimising the work of the Guarantee Fund had been discussed on numerous occasions with financial institutions and the business environment. All these proposals will form the basis of the new Collaboration Agreement between ODIMM and commercial banks.

The Director of ODIMM pointed out that in order to facilitate access to finance for SMEs, ODIMM has already made some changes to the guarantee process, in particular to the way the financial guarantee is called, which has simplified the procedure for paying guarantees to banks. Among other facilities operated, the guarantee fee and product caps of the FGC were increased, the procedure for granting the guarantee was simplified, and the number of documents required was reduced.

Iulia Iabanji mentioned that ODIMM expects to establish collaboration with the units implementing the Financing Lines, such as CAP Competitiveness Improvement Project II, IFAD VI International Fund for Agricultural Development, Wine Restructuring Programme, Energy Efficiency Financing Line of the Republic of Moldova – MOSEFF and others. This could increase the absorption of international funds. ODIMM also aims to establish collaborative partnerships with Microfinance Organisations in the area of guarantee. Since 2011, thanks to EU support, the Fund’s portfolio has been capitalised in excess of RON 60 million, allowing it to be used for medium-sized companies.

The representatives of the banks expressed an interest in the ODIMM proposals, which were open to collaboration, and expressed their willingness to contribute to the disfinishing of the said Agreement.

During the activity, ODIMM established collaboration relationships with 9 commercial banks in the Republic of Moldova.

The State Credit Guarantee Fund was established in 2001 and was taken over by the Organisation for the Development of Small and Medium-sized Enterprises in 2007. ODIMM currently provides guarantees on short- and medium-term loans, with a maximum value of RON 2 million, for:
• active companies – financial guarantee of up to RON 1 million with a coverage rate of up to 50 % of the loan amount and a guarantee period of up to 5 years;
• newly created companies – financial guarantee of up to RON 500 000, with a coverage rate of 70 % of the loan amount and a guarantee period of up to 3 years;
• enterprises run by young entrepreneurs aged between 18 and 30 years, financial guarantee up to RON 150 000, which represents 50 % of the loan amount, and guarantee period up to 5 years;
• migrant workers starting/developing a business in Moldova – financial guarantee of up to RON 200 000, which represents 50 % of the amount of credit requested and the guarantee period of up to 5 years;
• companies exporting goods and materials, for which the amount of the financial guarantee will not exceed RON 2 million, with a coverage rate of up to 50 % of the loan amount and a guarantee period of up to 5 years.
To date, with the support of the Credit Guarantee Fund, financial guarantees amounting to approximately RON 48 million have been granted to more than 230 companies, which have obtained bank loans amounting to approximately RON 132 million, which have contributed to the implementation of investment projects with a cumulative value of approximately RON 207 million.
10.6.2016