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SMEs Could Receive Financial Assistance of Up to 1 Million €

Written by: Bridgewest

SMEs-to-benefit-from-governmental-assistance-of-up-to-1-million-eurosSmall and medium-sized enterprises (SMEs) in the urban and rural areas will be eligible to apply for financial aid offered by the European Funds Ministry (EFM). SMEs could benefit from amounts starting with 200,000 euros and up to 1 million euros provided that these companies carry out non-agricultural activities. Our Romanian accountants can provide information about governmental grants for SMEs.

The new program aims to increase economic competitiveness

The European Funds Ministry launched the new program hoping to boost the development of small and medium-sized companies which now represent an important sector in the economy. All types of SMEs could benefit from funds ranging between 200,000 and 1 million euros, the only condition being for these not to undertake agricultural activities.

The program, dubbed “The Investment Priority 2.2”, will help SMEs to enhance their capacities to develop products and services with the main purpose of creating a more competitive economic environment. The funding scheme addresses companies registered in Romania alone. According to EFM representatives, SMEs with a maximum number of 249 employees with an annual revenue of up to 50 million euros or with assets worth a maximum of 43 million euros are eligible to apply for the non-refundable amounts.

Under the same program, the EFM also allocated 172,94 million euros for investments made in several regions as it follows:

  • -          30,28 million euros for the Northeastern region;
  • -          25,70 million euros for the Southeastern region;
  • -          27,22 million euros for the Southern region;
  • -          20,70 million euros for the Southwestern region;
  • -          20,36 million euros for the Western region;
  • -          24,78 million euros for the Northwestern region;
  • -          23,90 million euros for the Central region.

The application will be submitted online throughout a period of 6 months. However, all conditions are still to be determined.

Eligible expenses

All companies applying for the program will benefit from financial assistance for certain categories of expenses. The local authorities will offer regional assistance for investments made in:

  • -          building, modernizing or extending production spaces;
  • -          providing tangible and intangible assets, including online marketing tools.

The state will also offer aid for:

  • -          the implementation of product or services certification programs;
  • -          internationalization programs, such as participating to international fairs and expositions.

Considering the scheme is currently under public debate, we invite you to contact our accounting firm in Romania for updated information about the launch of the new program.