Banca Transilvania (BT) and the National Credit Guarantee Fund for Small and Medium Enterprises (FNGCIMM) support through consultancy and financing entrepreneurs at the beginning of the road, admitted in the Start-Up Nation Program 2018 -2019.

In August this year, 6 meetings will be organized with entrepreneurs from as many localities, during which BT and FNGCIMM present the following:

• The financing solution: the bridge loan from Banca Transilvania can be used to pay the advance for the goods in the project and for flat-rate expenses. The interest rate is fixed, of 4.5% / year, the granting fee is 0.75%, and the financing period is up to 2 years. The FNGCIMM guarantee is for 80% of the loan amount.
• The guarantee solution: it involves a guarantee fee of 1.95% (low from 3.8%), respectively the approval by FNGCIM within a maximum of two days of the guarantee requests for those who have the correct and complete documentation drawn up.

"Over half of the eligible entrepreneurs in the SUN 2019 program are clients of Banca Transilvania. Discussions are being started with more than 3,500 of them and more than 300 bridge loans have already been approved." – says Daniel Szekely, Executive Director, SME, Banca Transilvania.

"In order to facilitate entrepreneurs' access to the sources of financing, we are concerned to offer a comfortable level of guarantee costs. In this regard, for this year's edition of the Start-Up Nation program, we have adjusted the commission up to 1.95% of the value of the guarantee granted" - says Gheorghe Lăpădat, FNGCIMM General Manager.

The meetings take place in Ploiesti (August 1st), Braşov (August 13th), Timisoara (August 20th), Constanta (August 22nd), Iasi (August 27th) and Oradea (August 29th). Participants have the opportunity to find out details about the financing solutions they have at hand; the Start-Up Nation program, from idea to implementation; the offer of FNGCIMM, respectively the advantages of financial guarantees. Banca Transilvania will be represented by Dragoş Ungureanu - Sme Deputy Commercial Director and Leonard Cornoiu - Director, European Programs Department.Registrations are made on the BT Facebook page, Events section.

How Banca Transilvania supports entrepreneurs through the Start-Up Nation Package:

• The BT Start-Up Nation package includes 10 products, services and facilities complementary to banking: bridge credit, current account, free first year account facility and complementary banking facilities for the first year of business.
• The bridge loan is intended to cover the current expenses – eligible, related to the business plan – from the financing program until the tranches of the non-reimbursable amount of maximum 200,000 lei (≈44,000 euros) are made. The interest, BT fees and the FNGCIMM loan guarantee fee are eligible expenses, from the non-reimbursable aid. The fixed interest rate of the bridge loan from BT is 4.5% and the granting fee is 0.75%.

By participating in these meetings, Banca Transilvania has the opportunity to have a direct dialogue with local entrepreneurs and to encourage, in this way too, the establishment of new businesses. BT is one of the banks selected by the Ministry of Business Environment, Trade and Entrepreneurship for the distribution of the Non-Reimbursable Financial Allocation.

Through the Start-Up Nation 2018 – 2019 program, non-reimbursable funds of up to 200,000 lei are offered for businesses at the beginning of the road. There have been over 33,000 applicants, of whom so far approximately 8,600 have qualified for funding.