The Romanian Countervailing Fund granted CEC Bank the first guarantee under Invest in Yourself program

Today, the The Romanian Countervailing Fund (FRC) has granted CEC Bank the first guarantee under the Invest In Yourself Program and announces that it is ready to receive requests from partner credit institutions.

The guarantee represents 80 percent of the amount of the loan, excluding interest, commissions, fees and any other costs adjacent to the program, and which are settled by credit institutions through the National Commission for Strategy and Prognosis.

The Ministry of Public Finance has mandated the Romanian Countervailing Fund to provide guarantees under this program, up to a limit of RON 300 million in 2018. The eligibility conditions and criteria of the credit are available in the networks of the partner banks.

”FRC’s IT & C specialists have developed for the first time a computerized application that allows the transfer, analysis, and operational approval of potential credit users’ requests so that it is delivered in the shortest possible time and allows a single point of contact for the beneficiaries , to the banks that have subscribed to the program, ”said Stere Farmache, chairman of the FRC Directorate.

Initially, the total ceiling of state guarantees that could be issued for 2018 was RON 600 million and the total budget of interest subsidies and commissions is RON 5 million, borne from the state budget through the budget of the CNP.

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The total cost of the credits granted under the Program, which is borne by the state budget, consists of:

• ROBOR interest rate at 3 months plus a margin of maximum 2% per year;
• the margin includes all the costs associated with granting and running the credit at all stages of the funding;
• funding analysis fee, up to 0.1 percent applied to the amount of funding;
• the State guarantee management fee charged by FNGC.I.M.M. and F.R.C.

Amounts earned through accessing credits can be used to settle eligible costs, such as pay for specialization / qualification / vocational training, postgraduate studies (master, doctorate, MBA, etc.) at educational establishments Romania, payments for the purchase of books, stationery, specialized magazines, fees for participation in scientific events and competitions in Romania, transportation costs for participation in scientific events in Romania or abroad.

The purchase of computers, laptops, printers, software, rentals, utilities, accommodation in school dormitories or students is also eligible. Also eligible are payments such as kindergarten, nursery or private school fees in Romania, cultural subscriptions to cinema, theater, opera, library, museums, book publishing costs or specialized studies, expenditure on tools and equipment for cultural services.

Also, the Invest in Yourself program can cover health care costs such as the cost of medicines, medical analyzes, dental services or surgical interventions that are not covered by the Single National Health Insurance Fund or national public health programs.

Another part of the expenditure eligible for the program is the expenditure on personal sports equipment and subscriptions to sports activities (fitness, swimming, etc.). The “Invest In Yourself” credit can also be used to finance part of the construction or purchase of a home, and for the modernization or renovation of the dwelling.