Tiberiu Moisă, at ZF Bankers 2025: Micro segment and SMEs account for about 40% of BT's corporate financing

Tiberiu Moisă, Deputy Managing Director MidCorporate & SME, participated at the ZF Bankers conference, where he spoke about recent market developments, the role of guarantee programs and the importance of effective communication with entrepreneurs.

• There was almost a physical sense of some market reboot in May. The pipeline looks good, there are many projects, in many industries. Since the second half of last year, there has been a lengthening of the decision-making process. Entrepreneurs tend to postpone important decisions when they have a sense of uncertainty or fear. Decisions are always perceived with a certain amount of risk by them. In recent months, many conversations ended with the phrase: we'll see after the elections. Now we are waiting for the new government. But we see a resumption of projects, a good buzz.
  
  
• People are taking courage again. If we communicate better - both private and public - about what's going to happen, and we communicate confidence better to entrepreneurs, things will go well.
  
  
• Most of the transactions we have are new investment projects or project expansions. We see few new refinancings. The Micro and SME segment accounts for about 40% of BT's corporate financing.
  
  
• Guarantee programs must also be seen from the perspective of spending public resources. So we need to have as big an effect as possible. I wouldn't just look at the financing needs, but where I can best multiply the impact in an economically efficient way. I like the programs for small firms and those for large firms, but I would make optimizations to have bigger impact. Let's not go for working capital, but investment. The guarantee program makes sense if it complements processes that banks can't do. Not duplicate what banks can do. To bring something extra. Guarantee programs should finance investments that have a visible effect. Also be a catalyst for the economy. Some sectors need 15 years to repay a loan. The guarantee can help here. The repayment period can be linked to the type of project. Future guarantee programs must incorporate lessons from the past. IMM Invest worked well initially, but then it stuck to the same recipe and I would like to see better targeting in future programs.
  
  
• The idea of bankability is used theoretically by everyone. The actual number of bankable firms is higher than the number of firms that have credit. I think we banks could do more to increase financial intermediation. We banks are always more moderate. That probably limits the growth of financial intermediation. It is growing, but not in an optimal way. And this is where guarantee programs can help. But it's important to find entrepreneurs who have a growth mindset. Not all do. There are many firms that want to stay small, they don't want the stress of growing their business. So funding programs, guarantee programs, need to find people who want to grow.
  
  
• No one expects miracles in the coming period. People are aware that we have gone a bit over the top and that there is a period of adjustment ahead. I would put predictability first. I think society is fantastically adaptable. And effective communication.