CEC Bank plans to provide EUR 116 mln in state-backed loans to SMEs

Newsroom 23/04/2014 | 13:27

CEC Bank, the state-owned lender, has around RON 260 million (EUR 58.1 million) worth of state guarantees at its disposal for the next two year that can support RON 520 million (EUR 116 million) in lending to small and medium-sized enterprises, under a government scheme.

Up to now the CEC has provided around RON 2 million (EUR 448,000) in loans to SMEs and is analyzing additional loans worth RON 4 million (EUR 896,000).

“Our presence across the country, through over 1,000 units and the free specialized counseling provided in the SMEs and EU funds offices present in the county branches facilitate the access of SMEs that is necessary for the consolidation and development of their business plans,” said Radu Gratian Ghetea, the bank’s president.

SMEs that have been operating for at least three years since registration can take out loans up to RON 5 million (EUR 1.1 million) from CEC for financing their working capital. The loans has a 2-year maturity that can be expanded by one year and the government can guarantee up to 50 percent of the loan’s value.

Ovidiu Posirca