The banks enrolled under the Romanian Government's IMM Invest program, aimed at helping small and medium enterprises (SMEs), accepted the first loan applications on May 5, Ziarul Financiar reported.

The first six companies that obtained loans from the banks enrolled in the program are active in car trade and car repairs, according to the data provided by the financial analysis platform confidas.ro. The six companies had turnovers between RON 1.65 mln and RON 63 mln in 2018, according to the same source.

Meanwhile, the institution that manages the IMM Invest program - FNGCIMM - and lender Banca Romaneasca announced on May 5 that the first investment loan granted within the program went to Ploiesti-based Rexton Grup.

The company plans to use the money to buy equipment and start the production of protective gear. Local SMEs can access two types of loans through the IMM Invest program, namely for investments and for working capital.

The Government guarantees up to 90% of the value of the loans and subsidizes the interest costs until the end of this year.

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editor@romania-insider.com