Press releases

MSMEs affected by the pandemic crisis and the economic consequences of declaring a state of emergency will be able to benefit from loans of up to RON 5 million, guaranteed by the State at a rate of up to 80 %, without charging the guarantee fee for the first two years.

ODIMM, jointly with the Ministry of Economy and Infrastructure, developed a new Guarantee Product that was pre-endorsed and coordinated with the Moldovan Banking Association and commercial banks. To this end, an online meeting was held today with the participation of all responsible institutions, where the new tool was presented and debated.

‘The new guarantee product is adapted to the needs of the business environment in the context of the pandemic and aims to support SMUs hit by the crisis. We assess the receptiveness and openness of commercial banks to new collaboration as important actors in the launch and implementation of the new guarantee product’he mentioned at the meeting Lilia Palii, Secretary General of the Ministry of Economy and Infrastructure.

The new Guarantee Product will soon be made available to commercial banks so that companies in difficulty can subsequently benefit from credit guarantees. Thus, micro enterprises will be able to take out working capital loans of up to RON 1 million, small enterprises of up to RON 3 million and medium-sized enterprises of up to RON million. up to RON 5 million.

The amount of credit for financial means used for investment purposes will not be limited, as the State guarantees a maximum of 80 % of the amount of the credit, with a guarantee value of up to RON 5 million.

We have a lasting partnership with banking institutions in the country in the implementation of support programmes and instruments to support economic operators. We also appreciate the support of the Ministry of Economy and Infrastructure in developing new products and tools for businesses. The new product will help companies access soft loans to overcome the crisis and is the second chance for SMEs in difficulty during this period. stated Iulia Costin, Director-General of ODIMM.

During the online meeting, the topic of continuous improvement of the process of issuing, monitoring and enforcing financial guarantees was also raised. Following proposals from representatives of the banking sector, a number of adjustments will be made to the Standard Collaboration Contract between ODSMEs and commercial banks, which will simplify the guarantee process itself.

The new guarantee product was drawn up following the Government’s liability to the Parliament by approving the amendments to the Law on the State Budget for 2020, thus allocating an additional RON 50 million for the capitalisation of the Credit Guarantee Fund managed by ODIMM.

The FGC is the only credit guarantee fund in the Republic of Moldova with the mission to ensure access to finance for domestic companies by issuing financial guarantees.

To date, 422 financial guarantees amounting to RON 164.6 million have been granted through the FGC, facilitating the granting of loans amounting to RON 477.5 million and generating investments in the economy totalling RON 698.5 million.