EUR 50,000 funding for start-ups through Factory by Raiffeisen Bank

Aurel Dragan 12/03/2019 | 16:52

Entrepreneurship is the engine of economic growth in our country, says to 70 percent of the people according to an iVox study that also show shows 50.6 percent would like to become entrepreneurs and 34 percent Romanians who are employed are considering starting their own business provided they receive funding from a bank.

According to a study by iVOX at the beginning of March, 70 percent of Romanians believe that entrepreneurship is the engine of economic growth. By comparison, the activity of big companies is appreciated by only 2 out of 10 Romanians. The idea of ​​launching its own start-up becomes an option more and more present in the future plans of Romanians. 1 out of 2 Romanians declare that they would drop out of employment, but they believe that the main obstacle for a start-up business is the unpredictability of the tax environment and high tax rates (74 percent of respondents).

As more and more of the Romanians are interested in entering the world of entrepreneurship, Raiffeisen Bank has recently launched the second edition of the factory by Raiffeisen Bank, a competition that provides startups with up to EUR 50,000. Thus, in March, Romanians who think seriously about opening their own businesses can put their idea in competition and have the chance to implement their plans.

“The role of the factory by RAIFFEISEN BANK is to provide the necessary financing to Romanian entrepreneurs who have a good business plan and the prospect of its development. Small, entrepreneurial firms are an important pillar of a country’s economy, and both we as a bank and entrepreneurs have the responsibility to invest in businesses that benefit the communities we are part of,” said Raluca Nicolescu, Chief Executive Officer of SME Sector at Raiffeisen Bank.

What kind of businesses would Romanians start?

If they would make the decision to start their own business, most of the Romanians, 36.75 percent would choose to build it from scratch, using only the knowledge accumulated so far. Almost as many as 33.44 percent would give a chance to their own hobbies and invest in developing a business that would enhance their skills. On the other hand, less than 14 percent of Romanians believe that, if they enter the world of entrepreneurship, they would acquire a franchise or carry on a family business.

“Entrepreneurs need to know that participating in a startup program, such as a factory by Raiffeisen Bank, offers not only financial opportunities but also the chance to discuss the business plan with a team of professionals. Thus, entrepreneurs will know from the outset what are the advantages, but also the responsibilities that a possible funding entails,” added Nicolescu.

Raiffeisen Bank aims to be alongside entrepreneurs in their personal development and bank-funded business through access to specialists from different fields, according to the specific needs of the clients.

Funding for startups will be provided by Raiffeisen Bank through the COSME program, with a guarantee from the European Investment Fund. The competition takes place in three stages: the registration of projects (ongoing until 31 March), the evaluation of the projects by a committee of specialists (2-21 April), the support of the project (by the finalists) before a jury (3-30 May). Projects funded under the program will be announced on May 31 and will be celebrated at Gala Factory in June.

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